Jefferies Layoffs
Heard of layoffs, 4-5 people per group and mostly 1st year analysts / associates across most groups (Tech, Industrials, FIG, Healthcare, Consumer ect.). Anyone have more intel?
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Heard the same. 2 in HC, 1 in PCA, 1 Real Estate (all NY). Think Tech got hit hard but don't know numbers. People have said it was "underperformers" but axing almost a quarter makes no sense to me.
True - they said it was underperformers but axing a quarter of their 1st year analysts seems to say otherwise.
Everyone is an underperformer when the group underperforms
everyone is an underperformer when the economy underperforms
Were regional offices hit?
CLT saw layoffs.
Any insights on the CLT office on what teams or how many?
Didn’t they layoff some earlier in the year?
Had heard of some layoffs earlier in the year
They started layoffs since 3Q22, all underperformers in all business lines/groups? Why and how did they recruit so many underperformers? Who hired them?
when you remove the true underperformers, the average performers become the next line of "underperformers" - it's all relative to those who remain. now the original top performers are only mediocre compared to their remaining peers
Ah, Jefferies version of hunger game.
The bank may not have deal flows for everyone but you have to be the best of the best (in doing the job or playing political games including back-stabbing your colleagues is uncertain though) for what peers in other banks can get.
Seriously, I think those rounds of layoffs speak to the characters/cultures/decencies of each bank and group… what's worse than being laid off is being labeled as "under performer" at the same time, while it's clearly because the bank doesn’t have enough business to run and pretend to be like “it’s not my problem, those people are just not good enough!”
So where can all the bakers go once laid off? Unlikely can go get a banking job in this market
Most will exit to corporate (think Trader Joe's, Kroger, Aldi, etc.) and work at the bakery section in-house.
Some do end up landing at regional (albeit, more recognized and resilient) boutiques such as Carlo's Bakery - but the likelihood of those moves largely depend on one-off staffing needs.
Great attention to detail!!
Most groups at Jef are toxic sh*tholes - lucky that they get to leave early. All sh*t - bonuses, culture, the incompetant / cucky immigrant VPs, and ruthless MDs who grind you into dust. Handler uses his insta shenanigans and virtue signalling to mask all of this - just take a look at the shameful way he responded to sexual harrassment allegations months ago. Think long and hard before deciding to work here and contemplate whether this abuse is worth an "exit op".
incoming summer analyst, could u expand on this… examples etc
You’ll know when you get there……good luck
Just confirming that the above is correct.. ex-the random immigrant comment which is uncalled for. Jefferies is well known to be toxic with terrible culture well pre-dating covid or any specific one-off things. Handler is an clown. The sexual harassment thing was particularly ridiculous - instead of doing any sort of real investigation or a press release even acknowledging/denying detailed sexual harassment accusations against a highly-ranked MD, they went scorched earth getting it deleted from everywhere.
Not many choices for a SA at this point given market but prepare for some rough culture especially once you start FT and the kid gloves come off
curry and spring rolls?
if they have spring rolls, it wont be a white boy frat firm
Agreed.
I also do not feel bad for anyone from Jef that gets screwed in the coming weeks. You guys went through recruiting, heard and witnessed the terrible culture, saw stories about the sexual harassment, etc. and still wanted to work there because "deal flow."
if it’s the only offer you got what else are you supposed to do?
spoke with a vp at my firm who used to work at jeff and he said he hates everyone there, horrible culture
Who in PCA got let go?
Was surprised to see PCA in there
Any product groups?
Does that mean the analyst / associates who stayed will just get crushed with work with fewer headcount for each group? Assuming they are cutting let’s say 4-5 per group AND I’m sure a few analyst will be leaving to PE as well, reducing headcount even more at junior level. Seems like that would make for a very shitty summer for the juniors in terms of capacity no?
There's a lot of extra capacity right now and few deals to be had. Yes ultimately the remaining juniors will have to absorb work until the next class hits the desk, but it's mostly pitches or long-away deals... imo the level of busy won't even touch summer 2021 when juniors were absolutely fleeing AND deals were very hot. Few options to leave IB either given how many people are on the market.
More and more talent coming on the market... just wait till MS lays off the 3,000 people they announced - the street is going to be saturated with unemployed IB talent...
Are these all IB?
3,000 people in IB?
Bump, are the 3,000 MS layoffs going to be in IB?
Any layoffs in London?
Jefferies = white frat house
Laying off 1st year analysts for poor performance before the 1 year mark and without warning isn't how poor performers should be let go
Joined the firm briefly during COVID. Enjoyed it but was starting to get mixed feedback from my MD. I felt they were setting it up to screw me on bonus.
Left for another firm within a year and got very positive feedback and bonus for doing the same work I always do. This firm is highly political. Good if you're in the right side of it but lookout if not. They won't think twice to screw you over, and their legal department is petty about any clawbacks/expenses. Bet the severance is worse than most firms too.
did you leave for a BB?
This is what things look like during recession. Welcome to winter, summer childs
Jefferies is just, kindly put, not it
Heard mixed things regarding London. Some said it’s been affected quite bad, others said it has been fine.
Anyone know about London?
Laid off. 1 month severance, no bonus
Wow, Sorry to hear that. What group? Good luck moving forward
1 month severance seems insane
Tech offers 16 weeks
Is layoff over?
No. Most banks will have multiple rounds. Probably another round in Q4
Right before Associate+ bonuses are due
Did many analysts get let go? Or primarily mid level people?
Mostly analysts but some associates and VPs were laid off too. It was group dependent.
Mostly analysts but some associates and VPs were laid off too. It was group dependent.
Aren’t analysts the ones doing the majority of the work for the lowest wage?
How do you position getting let go as a 1st year analyst?
They don’t Zyn hard enough.
Any layoffs in M&A?
Yes, many.
How many?
Does anyone know which groups are the most impacted?
Ignore the title - 1yr Asso at Jefferies in London, from the US. The horror stories are not true - barring a particular incident this year in the Industrial's team (which was related to something totally different), there have been what I would consider a fair number of layoffs given where we are in the market.
When you join IB you accept that you are beholden somewhat to the economic climate - Jef is an advisory practise (80% of its revenue come from sell-side M&A) and so it doesn't have the backstop of a retail arm or otherwise enormous balance sheet to protect it from downturns. Ergo, sad as it is, people will get laid off. It is FAR from a bloodbath and Jefferies (in London, at least) is a fine place to work. Like any bank, it is group dependent and as it happens, mine is great (actual, front office IB for all you freshmen who are sure I must be in compliance).
Slamming Jefferies because you read a couple of horror stories on the internet isn't right - I am not simping for the organisation but in the end its the place that puts bread on my table and one that gives performers a pretty unique platform to...perform. Not saying there aren't bad eggs, but that's true of every bank and things are less binary than kids on here make it seem. Happy to reply to any Qs.
Agree - I'm at Jefferies and it's a really nice place to work at. Really intense but if you can manage then nothing to complain. Obviously varies from team to team
If you're good you can really shine
I'm not gonna lie that some teams are a bit of a frat house, it's quite old school on some aspects and highly political. Understand who counts and get on their side
Hey! Thanks for your insight. Which teams have great cultures at the London office?
is it possible to transfer from NY to London? Planning to start out in NY but am interested in the london office as well, and am curious if that transition is possible. Thanks!
From what I know after 2 years you can ask to transfer office
What was the incident you’re referring to?
Nice try Jefferies sexual harassment counter litigation team
Any LevFin?
Yes
Thanks for the response. Would appreciate any further insights from you or others
heard more layoffs yesterday, can someone confirm?
Confirmed
Not sure if there's been several rounds or one-offs but I've heard of Jefferies layoffs consistently since late last year.
From IB only or other teams included?
Is the layoff over?
Gotta love Rich Handler virtue signaling
JEF has many good things about it. The problem with it is there are too many morons taking too much money out of the place to pay the people who actually produce. Like wtf do Rich and Brian do other than write virtue signalling memos. And John Huwiler, who hasn’t originated a deal since the 1990s (and even then he was Eric Gleachers butt boy) In fact much of the M&A group is entirely pointless - why pay an MD 7 figures to opine that a sellside needs a process letter. They have a takeover defence MD haha - as if a client has ever hired JEF on defence??
There, with one fell swoop, I’ve saved the bank 200mm, that’s probably 750k per working banking MD.
what a bunch of muppets. Everyone but the HC group and oil and gas. Those guys are great at what they do. The others, it’s like they want to be underpaid.
Poor Ben Lorello - did so much to build a bank only to have it ruined by a bunch of clueless jackasses
They also hired a ton of MDs on guaranteed 1-2 year comp plans, which is an utterly ridiculous thing to do. Why would you ever commit to paying someone even if they don't perform? At a lean advisory shop like JEF? Lol. Don't get me wrong, respect to the MDs that cashed in on that, I'd do the exact same. But from JEF's perspective, what the fuck do the existing rainmakers or shareholders get out of that? A smaller bonus/comp pool so we can pay dudes, some of whom haven't brought in any deals, millions while firing the juniors that work beneath them?
Wait wait wait you're telling me Huwiler, the dude who HR tried to protect like a mf after all those analysts got pissed at him hasn't done a deal in 30 years???
Jefferies needs to be LBO'ed by someone fast its ripe pickings with bloated SG&A like that
Dude must have pictures or something because he’s a pure administrator. Most MDs at JEF think he’s a joke.
Rich is a CEO not an MD lol. You good? Also I’ve seen the guy personally pitch on a deal
Yes an administrator who takes way too much money out of the place while underpaying his MDs, why the hell do M&A bankers need a CEO anyway?Two real groups at Jefferies - healthcare and energy - who have their comp protected. Everyone else generally gets robbed but is too handcuffed to leave.
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