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Where did you hear about this? I’ve spend 2.5 years at BMOCM. Still have a lot of friends there. Would like to give them a heads up.
Investment Executive article from someone sharing it on LinkedIn.
I’ve heard mostly non-client facing employees will be cut. Source: I work at BMO
Just talk to a few earlier and it seems a lot of it will be ops and tech...
When I interviewed for SA 2020 in IB my offer got pulled. HR said that they cut the number of hires for IBD in Chicago office in half for that super day. I believe more cuts were made as well to the SA class as a whole not 100% sure that’s just what HR said. Also know a former MD alumni that is now at a different bank and he mentioned that the bank was making a lot of cuts including front office. Apparently top MDs from metals and mining group jumped ship and they were extremely high revenue generating. My other buddy who just summered at BMO said dealflow was really strong in his group so a lot of information that’s all over the place.
Everyone will say dealflow where they summered is strong.
I was interviewing for a lateral Associate role in the NYC office around September. Interview went well and was told by HR I’d be getting 2nd round. That was the last time I ever heard back from them and HR has ghosted me since. I thought it was very odd but now it makes sense that this had to be due to these job cuts.
It's crazy to me that they don't have the courtesy to even tell you this lmao.
Get used to this boys... this is the new norm in this industry.
it's not tho, they actually called and gave me feedback after my superday with them where they told me i was supposed to get an offer and they had to pull it.
Not talking about interns. I’m talking about the industry as a whole. Comparing now and 10 years ago... totally different. It’s a shame.
ah, I wouldn't know. Too young I guess lol. I got completed ghosted by RBC after being waitlisted. I don't understand how hard it is to just email the candidate that you got denied. Such a pain.
I'm too young to know so could you expand a bit on that ? Also is this a trend for the future or just bank specific?
Well this industry doesn't need the amount of people like it used to. Combination of regulations and technology definitely changed Wall Street. Banks are heavily heavily invested in technology. Pretty much if you're in MO, BO or Tech... you're going to be working together to streamline your work to someday, eventually be left without a job. If not, fin tech firms will sell their product to streamline work, just like how broadridge came in and swept the streets. The firms I've worked, I've seen lay-off left and right. BlackRock, BMO, etc... just recently Morgan Stanley is letting go mostly tech and ops. HSBC laid off shit ton of people. The firm I'm at didn't perform very well and we just laid off a few. The excitement of this industry isn't the same. Hence why it's very difficult to even consider buying a house. The thing that sucks is as you're aware, banks have dispersed their MO and BO to places like Jacksonville, Charlotte, Salt Lake City, Dallas, etc... imagine moving to Charlotte to get a job with Wells Fargo and buying a house and getting laid off in two years. This is why I hate this industry. No sense of security. Hence why I’m looking to venture out of my own, well, eventually. No point of bein too loyal to these firms. At the end of the day, you’re just a number. Unless you’re a hot shot bringing a shit ton of deals or money which is highly unlikely or maybe some important being like a developer or tech which you need to support the desk, it’s pretty pointless.
The post Mifid II era will continue to have a profound impact for a while yet. Research has always been a cost center but it becomes harder to justify operating a full service IB in an environment of onerous regs and most trading done passively now. Job cuts or exiting ECM related businesses (MacCap, DB, etc.) are one path.
IB is a bit safer but if your bank no longer provides research/intelligence for clients, naturally you should expect some attrition in business to other banks that have a full service offering. The change is real and most banks will need to adapt. Only the biggest franchises and select boutiques will thrive.
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