10% Workforce reduction at PWP
10% Workforce reduction at PWP. Cuts started today and are currently being communicated. Multiple sources.
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Expect more of this activity. Stock market seems to reward these cuts.
isn't pwp private?
Will all the PWP stans please come out of the wood works?
To everyone getting worried about these cuts-
banks lay off all the time. Every year they hire a bunch of new analysts/associates and promote a bunch of VP/D/MDs. Some of them will always not live up to what is expected, and they get fired. Don't be in the bottom 10% and chances are you are safe. You incoming interns are safe. This probably won't impact FT hiring. You get the picture. When you've actually worked at a bank, it's amazing how many truly incompetent people you'll encounter. The first associate I worked for was absolutely useless and so lazy, and I was amazed he had a job. He got laid off the next year, and I can say he 100% deserved it. Everyone who's worked in IB knows how much fat there is to trim at any bank.
Obviously this cutting is more extreme due to COVID (I would hope everyone here is smart enough to realize that a global pandemic that freezes the global economy will slow down investment banks along with every other aspect of the economy), but it's not out of the ordinary for this industry. Some banks are waiting to make their layoffs due to publicity and the virus. Clearly PWP isn't one of them.
I don't get what people on this site truly want. Some thread pops up about HSBC not paying bonuses because they aren't doing layoffs and everyone flips out about how that's not fair, and now PWP does layoffs and people act surprised. Lower income means you either pay everyone less or pay less people, PWP chose the latter. Obviously layoffs suck always and especially during COVID, but it's a fact of life in this industry.
Great post and 100% true.
Just as a heads-up:
> pay less people
It’s “pay fewer people”. Don’t know if there’s ever a polite way or way that doesn’t make the corrector look like a dick, but figured I’d let you know.
This was a low value post. Even I wouldn't post something like this and I'm a troll.
Wow, didn't realize this was GMAT Club's SC forum.
direct source of info here:
they didnt cut many juniors mostly individuals / smaller coverage teams that have been under-performing for last 3 year this should have happened earlier. its a shame that it coincides with covid but you have to trim the fat.
Cuts do include analysts and associates
I wonder if a lot of the cuts will come from underperfroming TPH deal makers - O&G is an industry in decline + recent oil price war + low gasonline demand = logical cuts from a bank that just bought out an O&G bank. Lets try and go beyond the headlines.
Lmao you tried to come off as smart but really you just sound like a dumbass