I saw this post on Reddit last week of a guy saying he was laid off. His reasoning is that HR requested all departments make necessary cuts. If this is due to the recent market movements and the ominous times ahead, coupled with the ailing state of ER, should we expect more downsizing? I will start in London in a few weeks and kinda freaking out.
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Some of it is just banks have overhired during the upcycle, and now are reactive to the downcycle. Finance is a cyclical industry.
Do Investment Bankers get laid off? I mean do the investment banking divisions do such kind of firing?
Sure.
Do you have an idea how this will affect the coming recruiting cycle for ER??
Most openings in ER are due to turnover, so I don't see how this impacts recruiting at the junior level. At the junior level, firms still have trouble filing roles.
Reduction in force is a real thing. Sometimes banks just have to cull, banking is cyclical. They won't cull new joiners though, very unlikely.
Do you think this direction will reduce ER slots starting this recruiting cycle?
I couldn't really give you an answer as I've not been here long enough
What groups /sectors in ER usually get hit during a recession historically?
All heavily cyclical industries. Financials, consumer discretionary, autos etc
That's how I'd think about it
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