How do people keep getting seats at MM?
I've noticed a lot of people hopping around at MM. One person in particular that I've worked with at multiple previous firms blew up every time as a PM (2+ times) and recently started as a PM at MLP. If you look on LinkedIn there are loads of people who hop around the platforms (anyone who is at a platform for 3 years and goes to another, you can be fairly sure they were let go). I understand if this happens once, but how do people keep spinning their way to another seat?
why do you think if someone has been there 3yrs was let go?
Sometime a whole sector (usually energy) gets blown out at MMs and they all still need energy teams so it’s just musical chairs.
Sometimes it actually wasn’t the leavers fault
Sometimes they move MMs to jump up (in pay or responsibility) because they’re hit a ceiling within their team
Sometimes they just tell a good story, and the MM decides there’s not much to lose
by energy, you mean energy equities/credit or actual oil futures?
It was just an example, but I think in 2016 like 15+ energy equities teams got cut at surveyor and peer firms. I only meant it to highlight that two MMs my fair teams in the same sector and then try to fill that coverage and since they’re always firing and always hiring it just sort of shuffles about. On one hand it sucks, but on the other hand at least you get a few cracks at it before you have to leave the industry
How can you be sure they blew up?
Trading desks and sell-side are always very chatty about this and tend to be right.
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uh oh
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