I got fired today within like 20 minutes of arriving at work. Layoffs across my bank at the junior level.
Does anyone have a good game plan for getting back on your feet? I just started in July, so I still want to work in IB although obviously going to cast a wide net and consider adjacent jobs. Would greatly appreciate any advice. This was my first job out of college.
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Wait what you just started…what bank is this a BB?
No it’s MM tech
I'm incredibly sorry this has happened to you.
I'd reach out to juniors you were cool with for recruiter recommendations to get started.
But more importantly, I'd just take a breather and know this is happening to many in the industry. You will get hired again especially given your 6+ months of IB experience including internship.
Best of luck mate.
wso.tiny.us/Free-LinkedIn-Live
Sorry to hear brother. It’s quite surprising to hear that they would lay-off a first year analyst who just hit the desk only a few months ago. That being said, if they aren’t able to build out and retain their new talent, I think that’s a clear indication of a place that you don’t want to be.
In regards to finding your next opportunity - this is a very challenging market. I would say we’ll start to see some movement and laterals after bonuses hit in around late January/February. With the holidays around the corner I’d suggest you take this time to reflect on your experience. Although there may be no clear or logical indication of why you were let go - this is a good opportunity for you to digest the last couple months in where you excelled, struggled, and most importantly where/how you can improve for your next gig. Don’t be discouraged, you’ll land exactly where you need to be
Thanks man that’s helpful. I appreciate the perspective. Yeah looking back I can think of a few ways / times I could have dug in a little more. It's tough though since I just finished my fourth month on the desk. I think I'll take the time to review things I found challenging.
I have enough cushion to make it into 2023 so hopefully you're right about late January. Hopefully can stay in IB since I genuinely enjoyed the job. Felt like I had just gotten the hang of my deals this month.
Was it FTP?
I’m really sorry to hear that. Don’t let it get you down. Know that this happens and it wasn’t you. Did they give you severance to keep you going until you find a new gig?
Wow sorry to hear that man. Don't have any advice, but keep your head up and wish you the best of luck. Absolutely crazy that banks are firing 1st year analysts only 6 months into the job. I thought only 2nd years would get booted if necessary, not recent hires.
A second year is worth his weight in gold
Realistically 2nd years do a ton of the work, especially on heavy live deals, and have a 5-6 month expiration date anyway. A lot of 1st years are just not contributing that much right now, esp when 2nd years are only a few thousand dollars more on base salary
Yeah that makes sense. I just feel like I've never seen banks fire analysts that they just invested in by starting recently. Wasn't trying to undercut 2nd year's or anything like that. Just thought bad 2nd years would be the first to go for banks when getting rid of analysts
Probably JP Morgan - making a lot of silent layoffs as not to attract media attention but they are infact laying people off.
He said MM tech
Where are you hearing this? Haven’t heard or seen anything to back this so wondering
That's the point.People at JPM have barely noticed. It's gone unaddressed by seniors as well.
curious what groups you’ve heard from? I’m assuming cuts will be coming at associate and above post bonus szn
Good news is you're not the only one and this is a very explainable story.
Are your parents able to support you for a bit or is late January a cutoff? You might need to take an "adjacent" job for a bit and hop back into IB when the market improves. Start throwing apps out, if you see any IB roles or things of particular interest definitely worth networking a bit given the time crunch.
You really have to be some kind of dysfunctional to fire a kid 4 months into a job when he/she has no prior experience. How near-sighted can a bank get? I'm assuming you didn't do anything HR-sensitive like send a picture of your junk to an intern.
Powell is a deranged lunatic at this point. All of this at the cost of 2.8% core inflation currently. MS me all you want that's the fact when you strip out the lagging OER rent component.
nah market was in a bubble (idea startups with no production like Lucid and Nikola were raising tens of billions), people were buying PS5s, Rolex watches, Lambos, and Ferraris, so there was nothing in stock with a year long wait list. even to get a Tesla, you had to wait like half a year after placing an order. banks were headhunting people from all sorts of backgrounds. this had to stop. and imho the stock market is still too high, and I hope JPow will bring it another 30% down or so.
You and every other amateur retail investor believe this and want the market lower. Which is why it's not happening. Trying to justify tightening of credit for your own benefit is selfish and disgusting frankly.
Keep your head up man - this isnt a reflection on you. Did whole dept get axed? Either way, firms will understand and a career is measured in decades
this is ft partners
source: heard from a close friend still working there
Heard the same thing
Thought this was LT as they just did it a month ago
yup multiple lay-offs at FT in New York also
But i thought it was paradise…
Do you know what were the reasons behind the cut or how the people were selected? Don't they literally have people starting in January?
Hey man, its never about surviving the storm, its about how you dance in the rain.
I just saw your post. Just registered for our "Surviving Layoffs" event on LinkedIn live, come join us if you haven't yet.
We are hosting a LinkedIn live event "Surviving Layoffs" on LinkedIn live, where CEO and Founder of WSO, Patrick Curtis will talk about the current employment situation (mass layoffs incoming) and how you can successfully maneuver through it.
Check it out on Wall Street Oasis LinkedIn Page.
Its on 9 Dec, Friday 3pm PT
Do you see mass layoffs coming in the near term and in all industries?
It is hard to predict the future, but looking at the current data and trends, we might see some mass layoffs. Hopefully they will be limited to specific industries. It is too soon to tell whether there will be layoffs in all industries or not.
Industries that are already in a fragile state and have been experiencing mass layoffs for the past several years will likely continue to downsize in 2022 and 2023. They include high finance, tech, SaaS, and financial services. I think we are more likely to see more layoffs in these industries than others.
Please could you provide a link? In a similar position in London so interested to see what general consensous is
wso.tiny.us/Free-LinkedIn-Live
Thanks I’ll check it out.
I'm in the same boat as of yesterday...almost stagnant deal flow and case of LIFO. I took yesterday to process, and started reaching out to everyone I know in the industry that can help circulate my resume. In fairness, I was looking to lateral or exit after bonus was paid in February, so I was already reaching out to people and somewhat prepared.
Just take a minute to get your head together and start reaching out for advice and help as soon as you can.
Were you product or coverage?
M&A, Group was generalist with a slight bias to business services and healthcare services
That’s awful this close to bonus. Do you get any sort of payout?
Yeah, severance is actually pretty generous. Couple months pay, 50% of bonus.
Sorry to hear man, what type of bank were you at?
Mid-market in Philadelphia, primarily working with closely held and private businesses. It was a good experience and I definitely learned a lot working on the leanest possible deal teams. I had been looking for the next opportunity and that may have factored into the decision as well.
Others have said to take a few weeks off and take stock, which I 100% agree with. You can start emailing headhunters now, but try to enjoy the holidays.
As soon as you’re done:
Guggenheim looking for A1 & A2 in Menlo Park for tech. GQR covers them but I’m sure if you reach out they’d be receptive. I think I saw a Cohen posting as well. Good luck sir!
Thanks for the heads up!
Do you know who else GQR covers? Is there a way to know which banks go through headhunters and which ones don't?
Cast a wide net you say? Have you heard of Water Street Search fka Pinpoint? I left banking 8 years ago and they still spam me with non-stop IB opening. They always have something. Desperate times calls for desperate measures.
Time to party. Get absolutely blasted.
Whiplash yourself with booze and hookers.
Reset yourself.
Then find jobs.
I am sorry to hear that man. Are you interested in direct lending at a PE platform? We're hiring and I can help. If so DM me.
Thanks! I sent you a PM.
Why type of deals per chance?
This is confirmed FT Partners. They just chopped 25% of all of IBD across NYC/San Francisco/London.
All at the junior level - AN1's just a few months in (Like OP) all the way up to junior associates.
Hopefully nobody ever falls again for thinking ftp is paradise
Do you know what were the reasons behind the cut or how the people were selected? Don't they literally have people starting in January?
they'll probably start rescinding offers. would start looking elsewhere if you are headed there tbh - from what i've heard no one feels like they can trust the seniors that work there
only a few percent not 25, i work there, seems no cuts above associate
Who are the good recruiting firms out there these days?
Alot of good comments above, and I'll refer you to one of my comments in a similar thread. Link below.
Long and short is learn from the mistakes, and be honest with yourself on your performance. Keep at it and start networking. You're good to think adjacent jobs. Interns and analysts are caught up in the prestige angle but I promise you, there's more to it when you hit the desk and are soliciting clients. Find a place that feels like home, whatever that may be.
You'll likely have a few of these experiences in your finance career so hang in there, it is not the end of the world.
https://www.wallstreetoasis.com/forum/job-search/anl-laid-off-from-bb-w…
(OP) I can't edit the post but wanted to say it took me just over two months to land an offer. Really tough recruiting environment and I feel fortunate to have a seat again. Lots of helpful advice on the post and WSO in general so thanks
Congrats, glad to hear it man. Can I ask, what did you do for rent if you lose your job as a first year? Did you have savings?
Thanks man. Yeah I burned through a ton of cash from when I was working and ultimately got help from my parents. Year long leases are a pain. I know other analysts were able to break their lease to cut down on expenses during the search by living at home or moving elsewhere. It doesn't help that most finance cities have super high rent. I made it to the other side but definitely learned a lesson in frugality.
Sincerely happy for you!
Congrats. Was it a job you wanted and hopefully better than the last?
Yes it was an upgrade across the board.
Everything is going to be fine. You got laid off during a tough year, this has nothing to do with you. Put your head down and find your next job.
I was fired a few years into my career for some shady behavior and while it took 9 months or so I got back on my feet and I’m right back where I would have been (more or less) had I not been let go.
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