Sadly, I have been made aware this morning that I will be made redundant in July/August and laid off from my job, as part of the upcoming wave of job cuts. I am an AN3 at a BB (GS/JPM/MS) and I was just short of 2 months before I was due to make A1 (technically speaking).
While I’m still very much in shock, I want to begin looking at my options. I would like to still remain in banking for the foreseeable future but I’m worried on the impact/potential red flags that this will have on my chances of landing another role given that I did not get promoted to associate.
In addition, would I still be entitled to an end of year bonus given that I will have completed the full year by the time I’m let go?
Thank you and I would really appreciate any advice/good wishes from the WSO community
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They will already know. You don’t have to volunteer it upfront, but obviously don’t lie if they ask
Sorry to hear - shitty situation but of those laid off, you’re probably in the best position. 3 full years in IB you can apply to any analyst/associate positions and you have 3-4 months to apply while employed at a top place. I know you said you’d prefer to stay in banking but given how much it’s being affected by the current environment, buyside associate roles may be easier since youre fully qualified for them and transitioning back into banking from there some point later shouldn’t be hard.
What were you typically rated? Did you have a good relationship with your superiors? What percentage of analysts are getting culled? Are any associates or VPs or directors getting the boot as well?
As to next steps, I would take a breath and be happy you were given a warning and then focus on applying.
Apply on all the top banks websites.
Reach out to recruiters and share your background and your situation and what you would be interested in doing next.
Ask some of your current MDs for letters of reference and the contact info of any friends they know are looking.
Reach out to any friends or family you have and ask them to let you know if they come across any open positions.
I hope you have been maxing out out your 401k and Roth ira and have been saving most of your earnings. For now, stop contributing to retirement accounts and start hoarding cash. No more fancy dates and Atlantic City trips. Hoard cash and live like you’re broke till you get a new job.
Finally, be open to other opportunities outside of just banking. Buyside, asset management, corporate development, treasury, even finance consulting - any job is better than no job. And you can always find a better job from a stable place as opposed to being unemployed.
Were you formally laid off by HR? If so, today is your notification date and banks have a clause that says after that, you’re no longer eligible for your year end bonus. If it’s more informal you could have a chance to get a bonus but I wouldn’t count on it. Follow the advice posted above and good luck.
I was laid off in Dec as an An2 at a top sector boutique in LDN - received a call saying i was fired effective immediately and had to go into office that evening to hand everything in. Since then, I have been struggling to get a role for the past 4 months easily over 200 applications and aggressive networking - simply no jobs going at the analyst level.
Any update to your job search?
Managed to find a role - small 9 man team working with tech companies doing advisory. Seniors knew people I previously worked with
Bump
Analyst 1 here that got laid off from a BB (GS/MS) earlier this year, but immediately got a role at a boutique (Jefferies/PWP/Gugg). Planning on recruiting this upcoming on-cycle. Will I be dinged for being laid off? Or will PE firms understand?
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