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If you were put on a PIP, sounds like you were fired.
Layoffs are always due to market conditions, and you were told that market was not the reason, seems like a firing to me.
We also haven’t had a mandate and we’ve had zero revenue for about a year and a half.
Ok, but that’s a group issue and doesn’t automatically mean you were laid off.
You got fired.
the difference philosophically is very nebulous. if practically speaking you got severance, weren't thrown out etc, I would just call it being laid off for peace of mind and move on. the important thing is that it wasn't misconduct and you're not in bad standing.
You answered your own question right off the bat
What does your U5 say?
I've seen people get fired for egregious things (along the lines of sexual harassment, insider trading) and it never went on their U5. Typically firms will just call it a voluntary resignation on regulatory forms even in these particularly bad cases, putting "fired" on a U5 will follow someone around for the rest of their career
OP, I think you were fired but I don't know why you are so caught up on what exactly it was. It doesn't really make a difference when recruiting.
How do you know what went on people's U-5? It's a private document. Firms will still mark terminated on the U-5 (whether the person was laid off or fired) and it won't show up on brokercheck (which I assume you are mixing up with U-5). You're right that they won't put what the allegations were (sexual harassment, insider trading etc.) because it exposes the firm to legal liability from FINRA / anyone else involved.
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