Was wondering if anyone would be willing share if they've heard about any BB's looking for lateral analysts (1-2 yrs. exp)? Not asking for any connects or handouts, have a pretty good network and can make inroads myself if a good opportunity exists. Recently axed from a BB w/ 1.5 yrs experience in a IB coverage group in a major banking city (NY, SF, London, etc.). Thanks.
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That rough. Hang in there.
I'd say just hit up all your contacts, especially friends at the ex-employer who will then reach out to their network and hopefully you can have most of Wall Street / The City covered. SF isn't a real banking city btw unless you're doing tech, lets not get into a debate abou it.
With all the bloodletting on Wall Street as of late, quite a few of my friends / contacts / co-workers have been let go and I've been quite surprised as to how quickly they've rebounded. So just pound the pavement and get it done. The longer you linger the worse it will be. While some people will tell you to take a few weeks or a month off before you jump back into job hunting, I would HIGHLY suggest you immediately get on a grind.
Thanks Marcus. Couple follow up questions if you don't mind. 1) Have had a lot of interest from lesser known boutiques but I'm a little reluctant as that might come off as a red flag later on given I didn't finish the two year program. Is this a silly notion or could it be a negative for PE and competitive shit like that? 2) Have been out for ~3 weeks, was hoping to land something in December to keep a gap off my resume. What's a bad "linger" amount of time (i.e. XX months since being cut = fucked)? Thanks.
I'd say saying no to any banking interview is a silly notion.
Worry about PE after. Your first priority should be getting gainfully employed back in banking. Interview everywhere. You can always lateral back to a more reputable shop once market conditions improve. I've heard of people having been laid off back in '08/'09 and still not having found anything. You don't want to be one of those guys. I say bad linger for a variety of reasons. Number one would be it just fucks with your head after a while. Number two is you don't want to start cutting into savings. Number three is that the longer you stay unemployed and more likely potential resume reviewers etc will assume you're still unemployed because you've been interviewing but haven't been able to find anything.
After all I know a bunch of people that got axed and rebounded within a month or so... if I see someone who got axed alongside these people and this guy doesn't find a job after 6 months, human nature would make me think he must be less capable/employable than all those people that I know that snapped right back. Yes, there are a variety of factors that play into this. Contacts, area of focus/group, type of experience, luck, luck and luck... but our inclination to presume remains.
I don't want to divert the thread, but I am sure a lot of people are curious and it matters for the question: why were you fired as an analyst? Was it a round of layoffs or something specifically you did?
Interested as well. Every BB analyst I've spoken to in the past few months has pretty much said not to worry about getting laid off because they are 'free labor' when asked the job security question
I am sorry to hear about your situation. Unfortunately, I am in no position to know any of this information so I really cannot help (Graduating senior trying to break in my self). I am also curious as to if it was just the now "normal" round of layoffs that lead to you being cut.
Hope you get back at it soon. I think having an offer from a lesser known boutique is better than going months without employment. I would assume, when you show up to Private Equity interviews, they would want an explanation of the gap between employments. Not sure how much better that would look than jumping straight to a boutique.
jump straight to the boutique. You can always say something about being warned about the layoffs worst case, or following a mentor when he jumped if that happened.
worst case you go to bschool right away and lose your shot at KKR. At this point, unless your trust fund is topped up, you have bigger problems.
leaving in dec and starting in jan is not weird yet. Christmas is a good excuse, and FY budget cycles 3 months and it looks like you had trouble getting a job. I also think its going to get worse before it gets better, right now some shops are still hiring opportunistically and the supply glut of talent hasn't hit. Next march, who knows.
Thanks all. Given the size of the IB community, I'd rather not say why. However I will say that I was a strong performer and had positive reviews. What's everyone's thoughts on corp dev jobs (m&a focused roles), in general after the amt of time I was at BB?
???
http://dealbreaker.com/2011/12/jpmorgan-analyst-strangely-impervious-to…
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