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.
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 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.