Jefferies Biotech Layoffs?
Anyone have any additional information? I could’ve sworn they were in hiring mode. What does this mean for the broader biotech ER landscape in the N-T?
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8 folks laid off: 3 biotech, 3 tech, 1 financial, 1 strategy
Damn… tough out here
This man, dickthesellsider, sees all
assuming the layoff were the associates at least in biotech right?
Idk, but Mike Yee is safe according to Dick’s post
They have biotech associate openings rn, any thoughts why they’d hire replacement juniors right after firing? Maybe it was performance based?
Sounds like more Jefferies than broader biotech related
Biotech definitely feeling some pain, not just Jefferies that has laid off a lot of biotech.
That being said, this is more Jefferies related. Most of those let go had minimal or no banking support, so more cost centers rather than profit centers (or profit-adjacent). Jefferies research bonuses were apparently terrible this year, as they along with a lot of others seem to have overhired / promised too many guaranteed bonuses in '21.
Best I can tell, anyone getting laid off right now have been coasting / not putting out thoughtful research. Made sense to keep them when times were good, not so much now.
Why would they be actively hiring biotech juniors in nyc then?
They are letting go people with working experience with less than one year experiences even back office data team.
Thought there was some Transports people involved here too?
That’s a real bummer I submitted my application and was scheduling first round interviews there on a biotech team.
Just saw them post for an opening in Boston so this was likely performance related?
Yea same role I applied for… but thats like 10 days old so…
was that the one on Docjobs?
Not just performance related.
Other color then?
What else then? Biotech in NYC is actively hiring juniors
Which bank did their lay off based on performance, isolated from politics and over hire?
One biotech group at Jefferies is a modern slave shop. No associates in biotech ER would consider it, seriously zero. So this group only recruits new international grads who has visa need and work sponsorships. Even so, most associates leave after 1 year or so.
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