Posting here because it’s the most active board.
Seems like the wave of layoffs is coming. Already word out there, at least in my circle and some news reports, about CS, RBC and MS. Apparently there are also a number of boutiques that are pulling the reins on cost. Feels like only a matter of time before it’s across the street. But I’m wondering if folks have heard any other rumors, or any evidence to the contrary?
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yes, view is that job market loosens up in ~3 months
Agreed
Could you elaborate?
My bank is definitely reigning in costs (less extravagant parties/social events vs last summer, a little more caution around closing events, etc) and I think we have an unofficial hiring freeze. We were hiring tons of laterals but that has stopped even though no official word on it.
That said, my group head was very clear no layoffs on the horizon for IB. Banks have spent the last 18 months scrambling for talent, and hopefully they’re not dumb enough to start letting people go at the drop of a hat
talk is cheap. what else is he supposed to say lol. they're not going to tell you beforehand
The official stance from seniors is always "no layoffs expected". They aren't just going to tell people to expect layoffs cause they will make people panic and start looking for other jobs.
Better to read the signs. For example, I know the BB my buddy works at pulled a view lateral postings they had up before (unofficial hiring freeze). Also a few Directors got canned recently at my BB. Honestly, Analysts and Associates aren't usually affected. Its the VP, Director and junior MD level that gets canned when shit hits the fan. Also certain groups like underperforming groups, parts of ECM, etc.
if you are excited at the possbility of getting laid off in IB, your team has bad deal flow
Tech ECM groups are doomed
fuckk me nooooooo. i hope not
Agreed. And they hired them at a hefty premium.
Doesn’t Lazard houston always do this?
i didn’t see any BBs take guys without banking experience - most got laterals from other banks. Saw Jefferies make a few questionable hires at AN/ASO
Isnt Jefferies houston having a record year supposedly? And maybe true for a few other htx banks - do you think these types of place will still have layoffs despite the deal flow?
I agree, banks have really loosened up on hiring requirements. Cyclical I guess - my group is busy as hell but we're M&A focused. Any IB group that does mostly ECM/DCM type stuff or even tech M&A is going to feel the heat. But layoffs every few years was always part of the game in IB.
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