BB Analyst Impacted By Layoffs - Looking for Insight
Was an A2 at a BB that recently announced layoffs and not really sure where to go from here. It came as a surprise to me as I wasn't given any indication that my performance was lacking and thought Analysts were generally safe.
Would like to avoid going back into the gauntlet of IB if possible since the toxicity and WLB were awful, but recognize we're in a recession and my options are limited. I'm not sure if buy-side roles are hiring or would even want a laid-off analyst, but would be interested to hear your thoughts.
Trying to reframe this as a positive as the burnout was setting in and the severance gives me time to find a more fulfilling job, but need guidance to make an informed decision on how to proceed.
Some questions on my mind: Will I be seen as a tainted product by other firms? How do I frame my story around the layoff? Can/should I use VPs/Associates who I had strong relationships with as references? How and to what have other people in my situation pivoted to? Do I even have the luxury of being picky with the state of the market?
Any advice that you could provide would be immensely helpful and greatly appreciated.
I'm sorry you had to go through this. A few comments here, but feel free to DM if you need to chat
1. Now that you have experienced the good and bad of banking, what is that you value the most- more entrepeneur-ish environment?; something more mission driven vs profit driven?; a big corporate vs a small company experience? What are the sort of people you enjoyed working with? Take a pen and paper and write all of this down somewhere. Try to remember the things that made you pick banking out of college, and things that you experienced on the job. Your own reflections will give you the biggest insight about how you want to shape your career, no matter what stage of life you are at.
2. If you are interested in finance as a career in the long term- then you should focus on networking extensively (buyside firms/sellside bankers, etc) to try to get your name out. You can say that culturally it wasn't working out with the team, although you did like the nature of work. Focus on your accomplishments, and deals and skills you worked on- always guide the conversation back to work (skills, experience, etc.) Focus on the positive, when you speak with people. And you should definitely use VPs/Associates as references where-ever you can.
3. If you want to delve into a career outside of finance, now is not necessarily a bad time (even though the market is tough). You would have several months of severance. Try to list out companies that are hiring on LinkedIn. Speak to your alums. Spend as much time focused on finding these companies and reaching out. This is purely a game of persistence and numbers at this point (once you've shortlisted what you want).
Don't think negatively- "luxury of being picky" etc. Market will always come and go, but there's demand for good talent in good companies. This is the time in your life where you need to back yourself. Trust yourself, and trust the process you put yourself through. Be persistent and stubborn in what you seek - and you will be rewarded. Best of luck!
No, especially if you interview at another bank. Because they are all aware other banks are struggling and had to lay off people. Remember you got laid off, not fired. In interviews, just exaggerate and say your whole team blew up and you were just a junior and collateral damage.
Just be honest I’m this case. Down year for IB revenues and lay offs affected all levels. See above about stressing your whole group got taken out.
Of course.
I’ve seen juniors go to similar banks, crappier banks, corporate development, fp&a, corp fin, treasury teams and grad school. You only have a year of experience, so you can do whatever you want. Even consulting, audit or tech.
I would say no. But you should be applying to jobs you want, so if you get an offer there shouldn’t be a crisis of conscience about taking it. And if you hate it, you can start looking again from a position of explored the second time around.
Lately, there has been a lot of posts about supporting the usual social woke narrative of choosing mental health over money, all work places that are intense are toxic and standing up to “mean” superiors. In another thread I said a junior who quit with nothing lined up and was now running out of money was a moron, and every single response said I was out of touch and he had to do it.
Ignore that advice man. Always being employed is a good thing. It doesn’t make you weak or mean you don’t care about your mental health. Money makes the world go round, so try to take any advice from anon accounts with a grain of salt. People who have not worked for more than 5 years or have family responsibilities are way more arrogance than experience.
So don’t be too picky with your next job. Any job can be better than no job, especially if you’re parents can’t help you out and are too busy trying to support themselves. And remember, even if you take a job you don’t want, your story makes sense if you try to leave.
Listen I was laid off in 2022, when my bank’s IB revenues were down and they laid off 20% of juniors. I was completely unprepared since my boss had indicated I was safe. I had to scramble and took this accounting job to help ground myself and support myself, as I don’t have the luxury to rely on family for monetary support. After a few months here, I am coming to the realization that I miss the work I was doing in IB and am working hard to break back in. I think my year of experience at CS was a great training ground and think I can slide right in as analyst 2 at your firm and hit the ground running.
That story would make sense to me if I was interviewing you.