Analyst Cuts
is it just me or a ton of first year analysts are getting cut right now in IBD? thought the layoffs would only affect mid- senior people like VPs
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I don't think a ton of first years are getting cut... Associates and VPs are getting donuts for bonuses and getting cut, Analysts at certain shops are getting restricted cash bonuses. There may be some first years getting cut but I think that is more one-off and only at a few places. There isn't a trend of this happening to my knowledge. All my friends at other firms are still there.
Everybody is getting cut, and bonuses will be zeroes for lots and lots of people this year. I do think Analysts are likely safer than most, but don't count on a good bonus this year, unfortunately.
Unless your bank has heavy European exposure / presence, if you get a donut its primarily because of the state of the job markets... banks have the luxury of being more selective. In 2008/2009, donuts were abound because banks didn't have any profits/money to pay talent. Now, unless you got smashed over the head with European sovereign debt crisis like most of the heavily European banks did, if you get a donut its because your firm is telling you "its a buyers market, so I'm going to give you what I think you're worth, if you don't like it GTFO."
I wouldn't say that most people (in the US) will be getting donuts. I think it will be down at more senior levels and will be flat at the Junior level (lets face it, last year wasn't exactly a home run year either for Wall St comp).
Marcus, I don't see why everybody is so worried. Lose your job at the bank, get picked up by a prop shop, make more money living in CT or Chicago working as a programmer at a prop shop.
This is a really strong economy for folks who are good at making and building stuff. Stronger than it's really ever been.
What makes you think any of these kids are good at making and building stuff?
I've seen some, but not the norm at respected shops.
Where are people seeing 1st years getting cut? Last few rounds we've had were started with 2nd year analysts and up...don't remember anything about 1st years
Has anyone heard of any offers rescinded? I would assume those people are at least safe for now.
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