Laid off after four months. First job out of school.
I was recently laid off after four months of working at a MM boutique. Was told that they’d provide a letter of recommendation for another company and it wasn’t performance related. They just couldn’t continue my employment at this time. In some ways I’m happy as I hated the culture and environment. No formal training, shit culture, etc,. but I never let them see that I hated it there which is why they’re willing to help me. My MD was kinder than usual about it, will put in a good word in as a reference for me. It still doesn’t make the situation any better but it’s helpful. Can anyone else share their experiences/ provide some advice?
I have worked on several deals that closed in the last four months. I split between coverage and execution (80% execution), and have several transactions to talk about. Will other banks look down upon me because I was laid off four months into my analyst stint? My MD has made it clear he will be a good reference for me.
What do I do?
I come from a target school, based in Canada, and have lots of undergrad internship experience prior to this.
Which bank is laying off Junior Analysts?! Eight Capital / Haywood? Especially if you've already closed 4 transactions in that time frame.
It wasn’t one of them but I’ve been hearing they have been fucked as well. Four juniors I’ve heard from Eight Capital have been let go
I'm really sorry to hear, OP.
I would say to name and shame which bank you were a part of so any recruiting students can be aware of what they're joining ..
I would but… they’d know it’s me. Also, is it in my favour to do that? They’re providing me a good reference to explain the situation, which is helpful to me. I’m still quite shocked and I think it’s completely unfair. I don’t want to work for a small boutique again. They’re slimy and don’t give a fuck about developing their capital. They have no patience.
My advice bro is to do some traveling and go see the world and do something different, no one is hiring right now.
Hear me out bruv this is million-dollar advice, that no one here will agree cause they are plebs.
Going traveling and doing something different, showing initiative to work on your own, showing that your interesting person, who is likable and done amazing cool things that no one else would do, is better than Ivy League education to the right person at the right time.
People hire who they like not whos the best.
Don’t listen to this moron. If you think I’m being harsh go look at his post history. I was recently laid off and there are solid roles going around. Am in the later rounds at a few different firms. You’ll be ok. Definitely take people up on their willingness to write recommendations and have a book of references you can send along with an updated resume.
My experience has been nobody will hold this against you, as people understand the state of the market. Get super smart on your deals and story and do a ton of dry runs in order to maximize each opportunity you get. PM me if you have any questions, happy to help
Thank you very much. How can I contact you if you’re private ?
I was laid off after 3 weeks my first job out of college for non performance related at a boutique AM firm. Couldn’t even get unemployment due to short time span, but like you I worked my ass off at school and was thrown to the side like garbage. I’m now working at a MM IB and love my group. It took 4 months to get another job, and had a handful of offers in consulting/corp dev & 1 IB
Lick your wounds for a few days, assess where you can improve and network/apply, the lateral market is tough right now, best of luck!
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