Layoff Stigma
Fellow Monkeys, got laid off (non performance related) a few months back from one of the BBs in London. Been trying to lateral, but the process has been far from easy. Have had 2 offers rescinded/ rolled back after disclosing the redundancy, and another one has gone quiet after a positive start, presumably because I can be kept in limbo indefinitely as they continue to look for their top choice.
Question is how do I convince the folks that the layoffs were not performance related, and even if they were (they were not), everyone deserves a fresh start? I have tried references but doesnt seem to work.
It almost seems like this event will haunt me for long.
Feeling a bit dejected having had 2 offers in hand, only to be taken away - dont know what else to do. Any input would be appreciated.
Are you lying during your interviews about why you’re no longer with your previous firm? Not sure how you would make it to the offer stage, let alone past the first phone call, without being asked about it.
And tbh … unless your entire department is axed, it is kind of performance related …
You are an idiot. Often these days MDs are unable to meet revenue KPIs and most convenient way to save their skin is to reduce headcount. At that point HR will force MD to rank juniors, often he isn’t allowed or unwilling to layoff women. That means if OP wasn’t the super top buckets he is on the chopping block depending on the cost target. How do I know? I was involved in these decisions as staffer.
When there is performance issue, there is usually a PIP and it takes couple of months to build a case.
Thanks for making the point for me. The MD ranks the juniors and unfortunately OP did not perform well enough / was not well liked enough to avoid the axe.
No hate towards OP and hope he lands on his feet, but not going to sugarcoat it.
Dont ask dont tell. But even when have been upfront, I am moved forward into the process - the issue is getting to a final offer, where presumably I feel like I am kept on hold like forever.
Disagree on the performance point tho...Business wasnt doing well.
Sorry to hear OP. Do you have copy of formal performance reviews handy as they should help alleviate some concerns and having references like Staffer could help too
Ultimately assh^les are in every business who like to judge people for layoffs even when there is strong evidence that performance wasn’t the issue
Agree, regardless of reason for layoff there is going to be a perception that you would not have been laid off if you were a top performer. If you have some support for that it would help.
Thank you both. very helpful. I unfortunately dont have access to my records anymore but exited with a good standing. The alternate I have offered to companies are references, but they dont seem to have worked (even if the references swear they gave positive feedback).
the point on perception is fair, but I think if one were a top performer, they wouldnt have applied to other jobs anyway (uphill battle to build reputation again), so the candidate pool is anyway filled with mid buckets.
Either ways, I'll think of some way to counter this because clearly something is not working.
I have not lied at any point at all!
For the offers I received (and since rescinded), I had already interviewed prior to the layoffs and then was waiting for the decision when the layoffs happened. They resscinded after I disclosed that I was laid off during the offer call.
Of course, after the layoffs happened I have been upfront with the interviewers - but what I noticed is that they progress me to the next rounds, but are hesitant to close with me, and rather look for alternatives while keeping me in limbo for whatever reason. Maybe a state of market/ candidate pool, but I dont know.
I have a question in the same boat, how does one handle the embarrassment of running into old colleagues like you know who I look down and gossip like you know how GS is more prestigious and how do you survive the anxiety on the street and find confidence to start a fresh, which is not as prestigious
After you spend a few years in banking you realise prestige doesnt mean sh!t.
All that matters is (a) deal experience and (b) money that hits your account (c) (any semblence of) work life balance
There are many shops out there which will give you a more optimzed combination of the above 3
imo there is no greatness working like a dog at goldman stanley if you have 0 deals to show for it.
Thanks so much, my intention was to ask after layoff and recovering from it. Which in no way should hit your worth. But since its such a small world and people like to talk about your layoff. That was what i was saying. But you are right.
Very helpful
You had two offers and signed the employment matter? And then they revoked the offer?
Why? Becasue during the background check they found out you lied and were not currently employed?
I'm confused how not one but two offers are pulled if you did nothing wrong.
These were 2 verbal offers. I had interviewed with them before the layoff and got the verbal offers a few days after the layoff, which were rescinded after I disclosed
In a very similar position - cut 2/3months ago and rerecruiting now. Getting 2 offers rescinded is genuinely brutal and honestly I have the most sympathy for you in that respect.
Similarly, had an 8 round process (wasn’t asked about my situation but came up in final round), even after walking me through comp, level I’d come in etc. got dinged which was super frustrating.
At this point I’m considering stepping out of banking and taking the startup route - if the opportunity to stay in banking comes, then I’m all for it, but the market does not seem to be in our favour…
Sorry to hear. Thats the thing, they never ask upfront so one never tells, but when one does tell, it becomes a problem.
You'll probably learn more in a startup and then you can always come back to banking.
What ended up happening? Did you manage to get far in any other processes or land anything? Hope it hadn’t been too bad
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