CS Layoffs
Anybody hear anything about CS layoffs?
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Heard a lot of people impacted
They’re hitting every group at every level…
Insane amount of layoffs. We’re told to reassure incoming classes but offers are in jeopardy. Unethical if you ask me.
Could you elaborate if possible?
They might renege is what he's saying
source: trust me bro
Brass just sent the incomings an email saying they’re still committed last week
Why am I getting MS when I work at CS? Literally everyone is saying they're committed but if you talk to senior management, they say anything can go including the incoming class. Class of 2023, just be mindful of what’s going on. Shit is real and there’s no reason for me to provide caution
Does anyone know how badly LA was hit with layoffs?
Was not
How’s the demeanor in the LA office? Are analysts/juniors nervous given the recent news? Annoying question, but will exits remain intact? I know they’ve historically been killer in terms of experience and placement, though I’m sure there’s some questioning as to how balance sheet changes/underwriting capabilities will impact mandates going forward.
Heard different stories - on IB side no massive layoff. Mostly 3-4 people in each group. So far heard FIG, HC, Sponsor, R&C and O&G impacted. Mostly 3-4 associate/VP/D impacted. Nothing comparable to GS
What about GIG and M&A?
Seconding this. Heard GS is getting absolutely slaughtered. Worried since I'm headed there next summer and they're cutthroat with offer rates.
GS cuts aren’t as bad as people are making it seem… very similar to the amount of ppl mentioned above. The rest is a lot of fake rumors going around. For example, everyone kept mentioning that 5-6 analysts (TMT) from my group were fired when in reality not a single one was actually fired.
It’s not that bad
This is accurate. The ones that got fired for the most part saw it coming due to performance issues.
These firings don’t feel like restructuring (anyone long enough in the industry knows this), and feel more like rightsizing the teams to a market environment where deal activity is 50% down vs. last year, and there was less attrition as tech/corporates are not hiring either.
Some banks overhired and therefore are now needing to fire more (e.g. GS).
Delete
Coverage today and capital markets tomorrow...
Any numbers? Heard the second and third year associates most heavily impacted?
Heard from friends each group will be cut 5-10%
3-4 across Aso and up sounds about right
Are internship return offers really in jeopardy?
All levels hit. No one safe
They laid off 2-4 people (5-10%) pretty much in all advisory groups, except I think some groups haven’t heard yet
certain groups (not in IB but other divisions) were almost completely laid off
VPs/directors, 2nd and 3rd associates and 2nd year analysts
heard there will be another round early next year too
Where'd you hear about the second round
Can confirm this as well was told personally safe for a few months at least but started to wonder what happens after. Round 2 probably January onwards or 1H22. Then maybe if forced to cut further maybe I am next as team is already very very lean
Can confirm all levels impacted. The allocation of layoffs is determined by a seniority-based selection mechanism without many objective “gates.” Those laid off thus far seem to include poor performers and political “ugly ducklings” targeted implicitly
For the most part we are in an industry full of high achievers. In the absence of any clear non-performers, then it can just come down to ruffling the least amount of feathers since Group Heads and decision makers have to protect their own political capital as well. In these situations with mandated cuts despite a solid team, then decisions can be based on some combination of politics, favoritism and “last in, first out.”
I’d encourage anyone impacted to not necessary take the news as a direct reflection of their value. I’ve seen many individuals laid off that land on their feet shortly thereafter and continue a successful IB career.
Any 1st year ASOs or stubs? Are coverage layoffs over?
Bump
Bump
https://www.fnlondon.com/articles/credit-suisse-plans-to-cut-450-frontl…
https://www.efinancialcareers.co.uk/news/2022/11/credit-suisse-singapor…
Rumored 10-15% total headcount to be cut across APAC
CS london layoffs in levfin
How many?
How tf can there be no layoffs in CS Asia.
Basically 0 activity in china recent 1-2 years and full of juniors who did nothing besides using instant messaging apps to gossip around and pool meal allowances?
Where did you get your info from on no layoffs in CS Asia?
Have heard that almost entire teams in the london office have been let go. Apparently they are sacking 50% of their 900 front office staff in EMEA according to the financial press..
any boots on the ground in London that can provide more info?
Interested as well
Any in M&A?
1 VP only
Wow that’s it? Isn’t the M&A group quite a bit bigger?
What about their equity research division?
S&T??
did you get an email saying internships are safe?
the comments above are just making me nervous loll
How about Financial Sponsors and Tech?
FSG ~4 people in NY
What levels in FSG?
Bump. Any insight into if this is over / when the next round will be? The lack of transparency or timeline does not make for a great work environment
Welcome to banking
Believe Wednesday was the last day of culling, but who knows? Group heads have been talking to teams saying it’s over (for now?)
Does anyone have the breakdown by group of who was laid off?
Any updates on Asia specifically? (HK/SG)
Bump
HK lost like 19 people. Seems sizeable.
Australia lost like ~6 or so. Even the PresTech guy who had been there FOREVER!
Is this IB?
In New York, all groups lost 2-6 ppl ANL 2- VP with the exception of tech m&a and lev fin
Including Sponsors?
Yes
Any word on regional offices like LA?
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