How Long Before Team Gets Cut
At a MM. Team hit a draw down limit early last year and our book was cut in half. We have been trying to claw back with a smaller book, but we’re down again this year.
At what point should we expect to get cut?
Might feel like your days are numbered. Every day you head to your desk may feel like your last.
Keep your head up and keep fighting.
Pm Track record/tenure?
Also firm dependent- citadel and millennium happier to fire for instance compares to say..weiss(which just closed down for that reason)
Woah did Weiss actually wind down? For real? First I’ve heard
Bankrupt, it’s all over the news lol
less than 4 years. at a second tier mm
18 months is generally the most aggressive
At this point you want to make sure your PM is very transparent with you and you’re fully privy to the convo with the mothership
Don’t be the first on the team to bail and leave a netting hole, but also don’t be a sucker just waiting for the axe to drop
In these situations there’s some general thinking that if juniors explore backup plans or lightly put out feelers, the mothership will find out and that it will hasten the firing of the pod
That may be true. I’m pro-loyalty but you’re doing a favor staying at your own risk, and you shouldn’t have to ask us this - your PM should be telling you
If the juniors leave, do they get blacklisted at the MMHF?
No, but don’t like tell recruiters your team is blowing up and what not. Avoid the topic - for many reasons
If strategy is broad enough (i.e. don't dox yourself), can you mention what it is?
^Citadel bizdev in the house
i've seen teams let go before they hit the full draw down limit if mgmt doesn't believe in pm's strategy or doesn't think it'll work out. they'll boot the team. I'd say, start recruiting just in case. but yeah, your pm should be transparent. super garbage move to just blind side the team.
.
You need to look for a new job ASAP.
I’ve seen MM PMs blown out after the first cut if they can’t bounce back quick enough. It depends a lot on the MM & PM’s history there, but you should be looking for new seat now. I’m sure everyone in your pod is looking. There is no black balling in MMs for this, it’s an easy excuse to make a move.
Good luck!
Entirely depends on the tenure of the PM at the firm. If your PM has been there for 3-4 years then yes you need to be looking for a new job yesterday
Make peace with the likelihood you will get cut. The MM life is brain damage
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Lever the eff out of your positions now and see what happens. Go big or go home.
I would start looking for a new seat right now tbh. Sounds like a very high probability the team is cut soon.
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