Laid off from a LMM IB, how to proceed forward?
I was wrapping up my 2nd analyst year at a LMM bank in a tech group but was recently laid off. My VP cited performance issues earlier in the year but did not give me a chance to improve. I don’t have any offers in hand, and have no references from the 2 people I’ve worked with. On top of all this, it sounds like so many others are out of work too and there are too many people looking for the same seats and I’m unsure how to differentiate myself from the other candidates.
Where do I go from here? Has anyone been in a similar position or have advice? I’m unsure how to position this but feeling disappointed as I spent a lot of time in college trying to break into finance.
The job market should eventually pick up and there'd be more openings. Until then, try not to stress too much. You worked hard and should have good experience for when more roles come up.
I don't think the job market is opening up in the next 3 or even 6 months, especially with a CS-sized cloud about to rain a bunch more junior people down into the market. OP has good experience but they shouldn't just sit tight waiting around for the market to pick back up. How many threads have there been on here of people saying they're at 6+ months of layoff with no offers and getting desperate? He may need to take a step back into a lesser role right now
We're all gonna die!
Don’t sweat it. People are a lot more understanding of layoffs now than a few years ago - a lot of talented folk were impacted in finance and other industries. While many other analysts are in a similar situation, many are not eager to go back into IB. Keep applying, learning and improving and you’ll find a good role.
Job market is tough at the moment, very few available seats and ton of qualified unemployed candidates. As someone said above try not to stress out (easier said than done), if you are in your second year and you stashed your Y1 bonus, you should be able to stay afloat for some months. Eventually, M&A activity will recover and banks will start hiring again, everything is going to be OK.
I’m so sorry bro. This is a terrible time for junior bankers, and good people all across the street are struggling with this same issue. You will land something new and have an even better career afterwards. Analysts at smaller banks can easily get great experience because there’s no place to hide and nobody else to slide off work to. I don’t have any answers for you but thought I’d share a couple thoughts.
You say you’re in LMM tech - do you have some closed deals or at least some live deal experience? If you know all the M&A deliverables that is a huge plus, and you have a specific niche (tech) that I would hope you’ve built some level of expertise in more than generic bankers. I would lean heavily on roles that will value your specific deal experience and industry exposure. AND the fact that you perhaps did it all with much fewer layers between your and the client. Sell up all these aspects, it’s a winning strategy.
You mentioned performance issues and no recommendations - why is that? Seems a little harsh. I doubt you really have nobody senior at work that would vouch for you - have you asked them? A recommendation isn’t like they write a 6 paragraph essay for you that you send in every application. It’s just that in interviews or convos, if the subject comes up, you can say “Yes definitely, I worked closely with <MD or senior> on a few deals and they would be able to speak to my experience and work ability”. That’s all. I would have a candid conversation with someone above you and say “look, I really appreciated your mentorship and working together on these things, it would really help me land my next job if I can offer you up as a potential reference if people ask if any seniors can vouch for me”. See what happens. It’s a check the box thing, it’s in everybody’s interest including your old firm that you land a good next role.
Following
Unfortunately quite a few people in your situation. Good news is there have been so many layoffs no one will even ask/assume it is performance related.
Just have to start looking for jobs. Of course look at any IB openings and shoot some networking emails, but I wouldn't waste too much time networking with MM+ IB as there are a million incredibly qualified candidates for those right now and it's unlikely you'll be able to upgrade banks. I think you're going to have to be open to corporate finance jobs - strategy, FP&A, etc. Even analysts from GS are fighting over these roles. You can always get yourself back into IB when the market improves, but I would try to have something locked down by the end of the summer even if it's not your dream job
Following
keep your head up
Use it as an opportunity to find a career that doesn't suck major asshole.
Such as?
lol
Ofc this happened at a LMM, same VP pulled the same shit to me. Was laid off. Now I make more than him at another shop. My personal advice stay the hell away from LMM — I say LMM generously as you’re most likely working with micro cap trucking, or manufacturing companies. The concept is cool and appealing as a junior as you’re sold on the opportunity to work directly with clients but you’re working for a shitty bonus pool spread across the firm while your “VP” rain makes. Fuck that. Consider yourself lucky here, you’ll be fine bro.
Where are you now?
Can you give more insight on your situation? I think I am in a similar position and firm am second guessing it
Et quo eveniet ullam est. Voluptatem aperiam necessitatibus voluptatem id magnam fuga. Dolore modi ex consequuntur illo.
Excepturi soluta perspiciatis optio aliquid quia. Dolores iste ullam perferendis. Sunt dolores deserunt quo consequatur qui.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...