1st Year Lay Offs
Wanting to just give a shout out to anyone that's affected in the headcount reduction. You will bounce back. You are strong. This doesn't define you. Particularly for the first years. I'm confused on how any bank could make that make sense. You started in September. You have 6 months of experience.
Does anyone know why this would make sense from a cost perspective? They just started. 2nd years I guess make a little more sense. Sending positivity to everyone.
Same same
Even if it’s only a few months, it’s sometimes apparent that certain analysts are not of the caliber expected. I can’t speak for any specific case, but if a group can tell a 1st year analyst is BAD, it makes sense they will cut them asap. Also, it might just be a situation where the bank doesn’t expect to need as many analysts and would rather cut a first year over a second year with more experience.
I think that's good insight. But how in 5 months do you tell a good analyst making mistakes vs a poor analyst making mistakes? Obviously if people are unresponsive, unengaged, blatant mistakes (names, dates, whatever). Perhaps it is just the type of mistakes?
Who knows. We certainly don’t. Probably depends on the senior. Maybe it’s not being in the office as often as expected, maybe it’s the entitled attitude? Obviously your work product is probably a major factor. If your associate is correcting all your work or commenting how they’re overburdened by fixing your work, if a staffer or director hears that it might be the reason.
It’s likely not random, and they’re not just saying “hey, let’s fire this guy just cause”, it’s likely coming from up top where a group has X amount of employees and needs to cut Y people.
5 months into School, some kids are on the deans list, and some kids are about to flunk out. Sometimes a huge gradient between the top and bottom analysts from just week 2 or 3, the question is the gap growing or shrinking? Usually top analysts just hit full capacity much earlier, and middle ones later. But if that gradient isn’t being filled, then you have an issue.
Thanks man. Was laid off after 4. It sucks.
what type of bank was this and was it coverage or product? 4 months is fucking ridiculous
It was a small regional boutique investment bank. I was literally doing fine. Laid off as well as another guy. Completely unfair. The owners weren’t bankers and don’t understand how to develop their human capital. Staying the fuck away from these boutiques from now on.
Same boat. Laid off from a boutique after just four months. It was really unexpected most of my analyst class was cut
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