How do BB bank layoffs logistically work?

I'm not asking what a layoff is but how soon till you find out your in the group to get axed.

Ex. Bank XYZ says they will layoff ~1000 ppl in IB.

How long does it take for a person or specific group to find out they are on the chopping block? Most firms have different groupings/divisions under their umbrella terms for IB, S&T, Corporate, etc.

Do employees that are part of the cutback group generally find out same day, few weeks, months?

What about when a firm says something like they expect to cut x amount of employees over a year or 2? Generally, how much clarity is disipated?

 

There's a lot of great detail in the book The Accidental Investment Banker about the IB layoff process in the wake of the dot com crash recession at MS. Basically people at the top say "X bankers have to go" and then it is up to the MDs to jockey in order to get the least amount possible in their group laid off. These meetings take time and there is no standardized timeline. Also a lot of the time when you see a number like "1000 people in IB" that doesn't mean 1000 front office bankers/traders fyi - it includes admin staff, ops, middle office, etc.

 

There is usually not a heads up if you are getting cut (kinda defeats the purpose - though in certain circumstances they may give you a bit of notice if they know they are going to let you go but this is less common). Through the rumor mill you will know that a layoff or "RIF" day is coming, but you have no way of knowing who will get hit. You can sometimes postulate which groups given capacity / dealflow / etc, but it's a lot of speculation usually and I was shocked every single time it happened. It isn't a fun or pleasant thing even if it isn't someone you know well, but usually it is. The assholes never seem to get let go even if they are incompetent...

xoxo

[quote=Dirk Dirkenson]Shut up already. Your mindless, reflexive responses to any critical thought on this are tedious. You're also probably a woman, given the name and "xoxo" signoff, so maybe the lack of judgment is to be expected.[/quote]
 

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