Hi everyone -
I just got laid off by BB in a top group if that is at all relevant lol. I started before the rest of the class so have about a year on my resume which helps.
What now? I have some buy side processes I’m running for 2023 and 2024, do I need to disclose this? I’m still employed for 45 days so technically not lying if I don’t disclose? Feels very much like uncharted territory
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Did they give you feedback?
Nope. No details other than this is firm wide across groups across levels so not targeted at you
Is JPM doing analyst layoffs?
Yes
Yes. From 1st year to 3rd year.
Would delete the months here. pretty obvious to tell who this is
I'm in kind of a similar spot and currently going through the process to join another bank. I was laid off a few months back along with a bunch of other junior bankers. I was there since this summer so not as much time as you've had. Have been interviewing at a bunch of smaller shops and being transparent about the situation instead of trying to hide it. Interview processes have been pretty long, so it wouldn't have been feasible to pretend to still be employed.
I think your first decision should be whether you want to fully recruit for buyside roles or hold off and lateral to another bank.
With over a year of exp, I think you could be a lot worse positioned to get back into it. I have seen probably twice as many shops looking for second year analysts than first years . You're basically turnkey for them if you want more time at another bank. I have personally held off on any buyside recruiting for now. Since you're already in processes, you could see them through and try to land a spot for 2023. I don't know how friendly your points of contact are, but they may understand your situation given the current state of the industry. Best of luck man I hope you land something. The analyst I worked under was also let go; he was there about a year and already found a seat at another bank. The lateral market isn't completely frozen but nobody is leaving their seat voluntarily these days...
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