Going to be joining one of the hardest-hit groups (healthcare/tech) during the recent layoffs. I'm not totally sure I feel secure (employment-wise) now after the cuts and the extremely low bonuses. Any advice on how to approach this? Is it recommended (or even possible) to recruit FT elsewhere at this point? Should I be applying to corporate strategy, development, or other similar jobs as a backup? Again, any advice is appreciated
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In the same spot, any advice is greatly appreciated.
Hang in there. Rooting for you
Bump - also, anyone have an idea on the chances that FT offers could be taken away?
Bump, in same exact situation
Bump. Stay strong brothers. Incoming intern. Should I avoid HC/Tech at all costs at this point despite their past performance and group culture?
Sorry gents, you're all fired.
I don't think they will take FT offers away. Word gets around and imagine how it would hurt them when it comes to recruiting once market does bounce back?
With poor performers it's easy to fire them and just blame it on their performance. But with incoming FTs, it looks terrible to fire them without even letting them start
But what if after hitting the desk for 5 months, ppl are let go bc of “performance issues”? Can’t rlly trust any of the corporate bs no more
At least you have IBD experience on your resume at that point
Bump
Bumping this as well. Also incoming tech/HC FT 2023
Recently left WB (pre layoffs) in one of the groups you mentioned, you’ll be fine.
It’s not like their insolvent, they just way overhired and need to right size the ship. Communication was very much “this is a necessary layoff given market conditions and to enable us to continue to pay our people well”. Layoffs are good for future bonuses, as bad as it is for those that were laid off.
Both groups are still active (you can see recent closed deals for both) and have plenty going on. They made a strategic mistake in hiring the last few years but I wouldn’t worry about further cuts or your offer.
Also as much as you read on here, the bonuses weren’t “terrible” for most analysts that weren’t low performers. Think a bunch of numbers on here we’re essentially “you’re about to be fired so please quit” and obviously the message didn’t go through. I made 70k as an A3 (so 2.5 years as an analyst, right before associate promotion) which is $195k all in for the year. That’s not blow your socks off but it’s totally fine, people just had warped expectations from 2021.
after days of pancaking and shitting my pants I kinda came to the realization you described above. 100% unfortunate for those laid off, but wouldn’t this be a “good thing” (all things considered) for those incoming at WB? Like you said “right-sizing” the ship? Obviously no layoffs would be ideal (sorry to those in the tough spot), but I started to think pancaking is the subconscious reaction, but if you take a step back doesn’t this kinda open up opportunity for incoming analysts? Less headcount (more work obv), but also more opportunity? Just gotta perform very well, no? Do I have it wrong? Previous major cut was in 2001 I think, so all things considered is it worth panicking over?
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