Rich Handler posted a story on IG about how getting laid off was a great benefit to him 3+ decades ago and how all firms (including JEF) are facing tough decisions at the moment. Anyone have intel on the layoff situation at JEF? Feel like something could be imminent and am little worried…
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Have had some former coworkers that left for Jefferies reach out about the possibility of coming back. So guessing it’s coming.
My advice if you are at Jefferies is that you leave anyway. All the Jef wannabe hardos will Monkey sh*t me but who cares.
From a logical standpoint:
It's a sweatshop but doesn't pay as good as Bulge unless you're a MD. So you aren't being compensated for your work and the brand isn't as good (especially after recent leaks)
From a more mental health perspective:
It's not healthy. IB is tough but honestly the advice I can give juniors is don't put up with toxic environments. If you're good then there's plenty of opportunity at different places.
With all due respect, I think it is tough for outsiders to have a good sense for what it’s like to work at Jefferies. People love to shit on them, while disregarding the positive experiences that many (including myself) have at the firm. Pay not on par with BB? I make $110k a year as a first year, with bonuses historically on par or higher than the rest of the street. My bonus is all-cash. Neither of those is below street standard. Culture toxic? That hasn’t been my experience at all. This question was about potential layoffs at the firm… not your unsolicited advice on whether or not one should pack up and leave ahead of time lol.
Dude if you’re a first year you’ve worked less than a year and in a soft deal flow environment . Your opinion is like only sort of valid.
Similarly, your opinion as an outsider is only sort of valid lol. I talk daily with people who have been with JEF for years and love the firm. Of course, some groups are sweatier than others but spare us all from the broad categorization that JEF is an absolute shithole. It’s an ignorant take.
Jefferies now is worlds apart from what it was pre-COVID. Lorello is no longer running the show
I've worked for Jef for 2 years for a team that is touted as having one of the best cultures on the street *not just the bank. That was the primary reason for me joining while having other offers. As a junior, I can tell you firsthand it was all BS. Although there are definitely teams that are chill-er & even respect their juniors time, most of the groups & seniors I've interacted with and see on a day to day basis are a-grade dicks. They berate juniors in unnecessarily crude ways. There is excessive micromanagement on many redundant tasks. There are literally groups I've seen which force every single junior to have their Teams status always on to track who is upto what.
The greatest issue I have is with the term sweatshop. If you work for a bank that is labeled a sweatshop, but, that is because you're constantly churning deals or working on engagements - fine. Add that to your resume's and jump to the buyside. I feel there are many groups (mine included), that makes juniors do excessively mundane tasks at ridiculous hours. Example being subprime coverage efforts. Now all of Jef isn't bad and there are definitely superstars here and the experience I've had has prepped me mentally and technically to withstand many difficult work environments. That being said, when an MD constantly commends you for pulling all-nighters and back-to-back saturdays filling diligence requests for a deal that pays literally the lowest possible fees our team accepts & then during end of year reviews rips into you for insanely arbitrary and impossible to prove or disprove work habits -- it leaves a sour taste.
Found one of Handler's burner accounts
I worked at Jefferies. Not long ago. For around 3 years. So I might argue if you are indeed an analyst 1/2 or even a stub associate that my experience of Jefferies is on par or greater than yours. But that's not my point.
You talk about bonus but fail to mention the absurd clawback if you leave that certainly isn't street standard. "LOL" as you would say.
I'm not getting into a mud slinging match - if you like it great. Don't want my advice - just keep scrolling dude.
It is very difficult to get a good sense for what it's like to work there. I see a lot of negative comments here and then see Jefferies consistently involved in most deals in my coverage sector. It seems like despite the negative experiences that some are having, they have great dealflow.
Dog Morgan Stanley gave out 40k bonuses what are you talking about
What level?
Have heard they're waiting until March/April to do layoffs.
Where’d you hear that from?
My manager. Rich and Brian are waiting to see if there's an uptick in activity in 2H, but if it looks grim heading into 2H I suspect they'll start layoffs
Knock Knock....
lmfaoooo sorry guys it never gets old posting this in a thread full of Analyst 1s worried about their career & life choices
Whistleblowers about to be pinkslipped
Was on a call with an MD there 4 weeks ago. He told me it was time to wrap up our call because he has to go join an MD meeting on VP layoffs. I havent' asked him how that discussion went, but if you're a VP at JEF who had a slow '22 you should be preparing for the worst. I guess a positive read could be that they had that call a month ago and there haven't been layoffs yet. I dunno. I just know it happened.
I actually talk to Rich Handler on a daily basis (we do ayahuasca together) and in the midst of a bad trip he stared into my soul and told me he has seen eternity and there are no layoffs at JEF. He also then said "JEF Price Target Raised to $1M" but I think he just got carried away at that point.
An MD telling a client or any outside party that they are planning layoffs is a terrible terrible look. Then again, seeing how (I hate the word cringe but here it is) the CEO is on Instagram, am not surprised this is the culture.
There are high school kids here who never lived through a recession so they think it's like a Hollywood movie where every single person becomes suddenly jobless and there's a huge societal breakdown
Dog my dad and all of my friends parents got laid off in 2008, my entire community got royally fucked from the opioid epidemic, homelessness, and we saw sprawling tent cities across our small city.
I’m terrified because I’ve seen how bad it can get.
Hard to take this seriously when you start it with dog
As someone living in a country that has been stuck in a recession for ages, I agree with the statement that it is not as dramatic or even bleak as portrayed in many movies.
It’s just that people will have much lower buying power. Restaurants and pubs will be a little empty during the weekends. No one is talking about the stock market or investing in general. Crowded property market as funds pull out from public market. Dim job prospects - hard to find corporate jobs. Gloom and doom everywhere. But life is still pretty good for small and medium-sized business and the top 1%
The party has just started 🎤♪ ♫ ♬
All the lads have gone mad 🎷
Cause they no longer can do WACC
Bank Chiefs stop the cap 🎤♩ ♭ ♮
Ya cunts said reduction wasn't apt
Turned out many got scrapped 🎹 ♭ ♬
Federal Reserves bunch of rats 🎺♯ ♪
Soft-landing my fucking ass 🎸🎵
HAHAHAHAHA LMFAOO
rich handler is such an insufferable fucking faggot
Kind of have to agree so freaking wack for a CEO to do what he does. And people worship it or think it's so awesome...
They are letting go juniors as well after saying “we are in the best position than ever” stuff
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