GUGG TMT - What happened this week?
Seeing posts of people claiming people were let go. Anyone have any info? Downsizing? Junior Revolt?
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Curious as well. 9 associates, 1 VP?
That’s aggressive.
Think they pay bonuses in March too
Count is actually higher - more like 15. Zero bonuses as well.
So they Nuked the entire team? Did they just say AI can do all of this without complaining?
Wow!
in NYC I assume? More than just associates and VPs?
Anyone know what office(s)?
NYC
Go on.. was it a RIF or scandal?
PEAG?
Nothing happened to PEAG.
Is this Menlo Park? Or NY?
Pretty sure this is just NY, not any of their regional offices
London?
What happened
anyone have details??
It was a RIF across select teams (those that didn't do a RIF a month or 2 ago).
Yes, RIF of 9 assoc and 1 vp in TMT NY. Sounds like other groups may have been hit too. TMT has had very high assoc retention over the past few years to the point where the group was just very sr assoc/VP heavy. I suspect there wasn’t enough room for all the VP promos that were up this year. TMT wasn’t hit at all with the RIF last year, so probably had to make up for that
Speaks to management’s and the group leaderships outlook based on their pipeline in my opinion, probably not looking great even though general expectations for the market this year across the street are bullish
is this peag or coverage tmt
Ruthless before bonuses too.
Chickens coming home to roost due to over hiring a few years ago though with a shit market for years preventing investment bankers from exiting.
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