Has anyone heard of any virus related layoffs on the street? A buddy of mine got laid off as a 3rd year analyst and I told him that it was just because his excel skills are a$$ and not because of 'rona. LOL
Let me know if you or any of your friends have gotten axed recently.
Best, 3rd yr boutique IB analyst
Know some guys at PWP who said the firm just cut ~10% of their headcount, across all levels (analyst to partner). There's already a whole other thread on this though.
Whats the name of the thread?
https://www.wallstreetoasis.com/forums/10-workforce-reduction-at-pwp
Simmons (piper Sandler or whatever the tuck it’s called now) in Houston cut significant
When, if you know?
month into corona
10% cuts doesn’t sound too bad compared to other industries...
I expect in Jan 2021 there'll be massive cuts. Banks made all these promises to not cut this year, so I would imagine there won't be any layoffs unless a bank is in grave danger.
I’ve seen banks prune the hedges, but nothing significant. I assume if business (M&A) continues to drag through the summer though, there may be some RIFs in Q4. But most investment banks should be doing well in this environment with trading, DCM (both IG and HY), rates and derivatives, and ECM being extremely strong in the last two or three months. The only places hurting right now are M&A, Sponsors and unfortunately overall banks due to the low interest rates.
if you have to ask....
I heard that Stifel Financial is cutting headcount due to budget related reasons...
Do you know what department is getting cut?
Our portfolio hasn't even been marked through the pandemic :) PE for the win boys...
Lol, get me a job brah
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