Hi everyone, I was recently laid-off as a first-year analyst at a lower-tier bank. My position was affected due to RIF layoffs throughout the bank, especially in my group. I am confident that the reasons for my layoff were not performance related as I had solid reviews from those that worked with me. I do not have any deal experience and mainly worked on pitches that did not go anywhere. I am starting to apply to jobs again this week but I am afraid that recruiters and those interviewing me will see me as less capable for the position because of my situation.
Would love to hear any advice or what you guys think I should do when explaining my situation to recruiters. Thanks in advance!
Honestly people get the situation.
Don't sweat it. Just be open to role level and try to secure a decent role with some security.
Make sure you spend your time brushing up on technicals and modelling.
Sorry to hear it. Just take same intensity to this recruiting like you did for the initial offer. Just grind it out and stuff will fall into place.
I read this as "interview after getting laid"
I've heard about taking a dump before the interview, but getting laid may be even better.
Most people are more understanding than you think. It's not your fault, just work hard and walk through the deal rationale, valuation, technicals and any sector knowledge you may have built up in your interviews. Most importantly, be patient and don't expect a new job to come through immediately. It may take a few months. Lateral hiring picks up in June.
I wasn't laid off, but a long time ago I quit a job at a large multi-manager to join a startup fund that blew up after two months. Felt really defeated at the time to the point where I questioned whether investing was right for me, but looking back I'm really glad I kept at it looking for a buyside role that fit my investing approach.
Focus on what you want to do next, create a plan and then every day carve out 5 hours or so and focus entirely on getting that job you want. Everyone knows the industry is at a rough spot right now, so in interviews just be honest on what happened at your prior bank. Play up your experience - even though you worked on just pitches you don't have to say you worked on just pitches.
At the end of the day, you need to be able to sell yourself and your experience - just don't bend the truth too much to the point where the interviewer can easily see through the BS. Careers don't go up in a straight line, one day you will feel on top of the world, and then a few years later you will feel completely defeated. Just keep at it and think of all this as something that was completely outside your control and was bound to happen at some point.
A few helpful resources below:
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