Given many firms have said they will not do covid-related layoffs in 2020, how likely is it that there are large scale layoffs in Q1 2021? I haven't seen too much action yet, but I'd guess it could come soon and kind of worried about a saturated labor market.
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Quite a few firms are beyond busy — some groups busier than they’ve ever been — product, coverage, etc. I’m not sold on the idea of mass layoffs on January 4, 2021.
I’ve never been this busy in my life. We are looking to hire more / not lay-off
wya
Strong MM
Really depends on which team, sector, product, geography you are in.
ECM, DCM and RX should be busy given obvious reasons, but not so much for traditional LevFin, Loans due to subdued of M&A or corporate lending in general.
Looking globally, you'd be lucky if you sit in Hong Kong and are working on all these secondary listings of Chinese firms in Hong Kong (Ant Financial, Yum China, etc.)
Should see some layoff in select businesses, but not across the board.
Best thing about banking is that there's way to play/make money in all weather environments, as clients need capital to either grow or survive (plus, you can make business out of corporate death and reincarnation as well).
M&A isn’t subdued right now.
Work in a lending capacity, it's also the busiest since I hit the desk. I believe Lev Fin as well.
I love the polarity of responses from certified users in the industry versus the college students in that other thread lol.
Sadly, I think they'll use COVID as an excuse to not pay bonuses or at least haircut them. ;/ Probably groups that aren't doing well or have poor industry forecasts will be cut. All other groups will be fine if Sugardaddy Jeromy will continue printing money.
As others have said, lots of groups busier than ever. Been testing the lateral market and been getting lots of interest. Most groups need all hands on deck (and then some)
Think it's totally likely, but not in large numbers. There should be a lot of volume on the product side for the remainder of the year (refi's/fairly welcoming IPO market). But, that volume has to dry up. I might just be yelling into the void here, but you can only be so levered. All the companies I cover, IG and sub IG, packed on loads of debt. I imagine this will slow mega-M&A and general growth (aka classic financing) for years.
On that note certain products like leasing or securitization or trade financing might get hot. Also, I can almost guarantee bloated companies will shed non-core assets. So, my guess is smaller fee pools based on smaller deals, weaker DCM and ECM, and more focus on cap structure for a while. It's not the end of the world, but the work probably becomes less "sexy".
no one really knows yet
Never been busier in my life as well
I am a senior person in the wider industry at middle market level (think transaction advisory for ibank, hedge, and pe) but my firm also has ecm and r/x groups.
The industry has more than 1 1/2 years of legs to run. We know the winner of this game is the group that can add the most good people quickly...asap and next summer. There will be a number of non- target and semi-target students with one okay internship who will be getting a shot over the next 4 months at some really good opportunities. The need is big. Some will be at BB and EB but many are at smaller shops that are overflowing with work.
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