Bad news are freakin' everywhere right now. Goldman layoffs, incoming recession, geopolitical issues. I literally just joined Equity Research at the worst time possible. A few Senior Analysts and one highly experienced MD just left the firm last week. The culture at my firm has gone downhill.
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I think it’s the best time, those GS layoffs don’t mean shit as this was always an up or out business
Every bank lays off people every year. It's called RIF. GS and some other banks havent done it since covid. They're restarting. Some journalists making big deal out of it.
ER excels when shit hits the fan because clients want info, constantly. Do not let your head become inflated with noise. Have original thoughts.
Guys, a downcycle used to happen once every 5 years or so. we happened to live in an extended bull market due to rates being abnormally low for a long time; that was the abnormal part and this cyclical downturn is a return to normal. Joining banking in 2008 or 2000 would've been far worse.
How safe is Equity Research at your firm?
I can assure you 2008 was much worse
That was 2008. We're at the early stages of the next recession, and it's very possible this could turn out like 2008 or worse. We just don't know yet.
Agreed
Also agree. After all, Sleepy will be in office for another 2 years.
2008 was a complete meltdown of the financial system, paired with a massive housing bubble that affected the Western World as a whole.
This recession is due to high inflation caused by overstimulation of the economy and an energy crisis due to war.
I am not saying that this will be an easy recession, but it will certainly not be worse than 2008.
I think I did worst, I joined CS 3 months ago in a BO role.
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