Impending layoff, what to do?
Hey guys, so I currently work in IB M&A in a regional boutique and am about to reach my one year mark. For perspective, the vibe here is a sweatshop with extreme favoritism. This bonus season I got absolutely fucked over, my total comp just reached 6 figures. Hours are 80-100+ (all holidays worked, etc.) Guy I replaced basically ran for the door from being overworked, and now I am too.
Came here to learn and with a good amount of experience, in the interview process was told people have been successful with no knowledge at all. I was not taught at all, was called stupid for not knowing things, and basically had to teach myself everything. After providing a ton of value, not one positive comment was provided during my performance review (maybe to justify the dogshit bonus) and the writing on the wall is that I should leave or be let go.
Now my question is, as I am waiting any day for me to get fired, if I get let go prior to finding a job, can I ask the firm to fill out my U5 with a comment that I was laid off for market conditions (or something similar?). Or maybe write that I left voluntarily? I don’t want them to write that I was terminated due to not performing and screw my chances at getting another job (also if I wasn’t performing I do not understand why I was kept for a year and told I was performing well during my check ins, but that’s another story).
Need help on what to request to best help me transition to another job, and I can’t quit unfortunately as I need unemployment to survive. Please opine I’m struggling and hate that I’m in this position after sacrificing my entire life for a year.
Hey man,
Firstly, I am sorry for your situation. You need to prioritize yourself over everything else and it seems you need to GTFO as soon as you can. It’s a horrible market right now, so it won’t be easy but you should be applying as much as you can.
Regarding U5, no firm is going to open themselves up to liability by saying you sucked, they will simply say the termination reason as either voluntary, other, or if it’s for cause (you did something illegal or lied to staff etc…). As long as your termination reason is not for cause, you’re going to be fine. You just tell banks what you want.
Regarding quitting or getting fired, do not quit unless you have a job lined up and ready to start. Honestly, stop busting yourself to death to appease your bosses if you’re leaving. Do what’s mandatory but don’t burden yourself anymore. 80-100 hours? Na, you’re doing 60-70. But be prepared for them to terminate you if you do (but hopefully you get a nice severance).
Thank you brother this made me feel better. Times are dark at the moment, especially after hearing about the poor associate from bofa. It’s one thing to grind through the hours, but another to grind through the hours and worry about rent + food, etc.
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