BofA junior layoffs?
Heard these were coming soon - can anyone chime in?
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Really? Work there and heard there would be tentative layoffs if the current economic situation persists but not necessarily specifically at a junior level.
Bump - haven't heard anything concrete
I keep hearing from senior people they are coming . Some have said soon, like in the next 6-8 weeks before the interns come in. Others have said in the fall. Again just rumors though. Seniors (at least on my team) think there are too many heads given the pretty low activity right now. We’ll see I guess.
Product or coverage?
Coverage. Lev fin already moved people to wholesale credit, like 25-30% of HC I believe. A lot of ECM people were reallocated last year. Today I saw our staffer, group head and HR in the office. Which had to either be discussing cuts or A2As where there should also be fewer promos. Those should be announced any day now, based on last few years timing. There was also a IB wide email about opportunities in the regional coverage / emerging growth teams and it also said some current IB people may be reallocated to that team so maybe some people that get “cut” will go to that team or at least have the option to.
Hard to see how most banks, at least the product groups exposed to the syndicated loan market, don’t look to cut heads. Q1 was a dud, Q2 will likely be a bust since the banking crisis blew a while in momentum.
Sometimes I feel like I’m taking crazy pills when I read LCD - every week it’s about how direct lenders are taking more and more market share and able to do deals even during periods of volatility. Plus the people working in that asset class often do portfolio mgmt too which insulates against layoffs.
so yeah tough times abound after a pretty lackluster 2022
Following...
BofA seems to give people the option to move to other groups over outright cutting them, that’s pretty decent. It’s so much easier to find a new job when still employed.
It’s always been big on internal mobility. Seems like the next layoff could be bigger so we’ll see how many are offered other positions vs let go. The smaller round of layoffs last month was just outright firings but most of those were more senior people.
What group do you think you're gonna get moved to this time?
I’m at another BB, but I appreciate low the key diss from a 1st year. I’m sure you’re killing it in real life :)
When do we think these will actually happen? Likely won’t do it while interns were present, so either before or after?
I've heard both before summer and after but have heard before summer more frequently lately. Again, I have only heard rumors from what I think are decent sources but things change and people can be wrong, different groups may be impacted differently. My personal view is a 5-7% headcount cut by early May, this is my personal view and nothing else so feel free to ignore. % is just based on what is realistic to cut and what I think can be easily cut from my group with out much impact, though I could see 10% for my group (150ish people now). We have a lot of people not working very much (most working 60-70 hours tops, some people are literally bored at work and ask for staffings, but don't get enough to do) simply because there is not a lot to do. This is hitting first years, especially 1st year MBAs the hardest as they generally need to get added to accounts that don't have any one / new accounts but there are few of those, so their development is getting hurt. I haven't gotten staffed in 6 months but have spent over 5 years on many heavy accounts so there's usually enough for me to stay busy. Even most my groups good MDs see a poor pipeline for the remainder of the year so some cuts would make sense. I know we have a big 1st year class coming after the summer too which will just add to the glut.
No staffings 6 months? bruh... I still get staffed once every 1-2 weeks.
Who do you think is going to get hit by these? Specifically third year assos, Second year analysts?
Can anyone speak to how nervous incoming interns this summer should be about not getting return offers/if BofA overhired for the summer?
Last summer they gave 70% returns across groups and massively overhired for some groups
3 summers ago it was 100%, 2 summers ago it was 95%, last summer it was like 80-85%. Likely still yours to lose, but these are almost always largely market driven in terms of FT offers. Will reiterate, largely still yours to lose regardless of circumstances. Just grind, stay late, and don’t come off like a total moron and you’ll be fine. We all know the learning curve is high, just so work ethic and improve and you’ll be fine.
Yeah, only 1 analyst and 1 associate didn't get offers from my group (out of close to 40) and even then, HR was a pain in the butt about it. I'm not rooting against anyone but its just too many people, there's usually pretty broad consensus across the team too. HR also won't let teams put underperforming A&As on PIPs (performance improvement plans) due to them "making people feel bad" from our ex-staffer. People need to know that they need to step it up and be able to understand where they can improve.
Anyone heard anything in London office?
Would also appreciate any insight on this
Bump
Should international students worry about their internship offers this summer?
Bump
Bump
Bump. Anyone got update? Have your groups communicated stuff yet ?
Bump
2nd Year analysts in C&R had associate promotion/layoff decisions today. Was told would be laid off by end of July but offered a different job (non investment banking, seems back office not sure what it quite is). Definitely sucks
Surprised this wasn't done earlier in their second year - at a different bank and we have these talks and would have to sign months in advance.
Bump
Heard 2nd year analysts that didn’t make associates are being let go (offered another job within bank)
Not the worst situation compared to other places laying off.
Confirmed not all second years being offered promote. They are being transferred into random roles within the bank, for example operations. Horrible af. Shitty communication all around. So late into it as well.
Yes, many teams had A2A decisions today, seems like offer rates were closer to 50% rather than 80%. The 50% number is somewhat misleading as they offered people they knew were leaving in June anyways. Some analysts did see the writing on the wall and already accepted offers to join the EGRC team that management has been pushing the last 2 months. So at least they are staying in IB and may have decent mobility on that team. I heard many that didn't get offers might get roles on the GTS (Global Transaction Services) team. Its still front office but much slower and less interesting. Essentially, the manage traditional banking for large corporations (i.e. corproate bank accounts and related services). A pretty cushy job at the senior levels but not great VP and below. 40-50 hour weeks though, good pay in that context.
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