Layoffs Incoming?
Have we finally pushed headcount and salaries too far? Anyone hearing rumors about layoffs? I work in a MM, and my group head casually mentioned that we are way over staffed during a lunch meeting.
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If you are a working 70hr plus weeks you are not overstaffed. I hope these banks rif a bunch of people, the extra workload causes more juniors to quit and then the seniors have no one to work on their deals.
I saw a report that said attrition is up as much as 30% last year in large banks. I don't think there is a need to lay off when people leave themselves.
Given the dead capital markets environment, fair to expect some belt tightening especially around MDs and Ds who aren't producing / aren't slated to be producers. May see underperformers around the VP or even sr. assoc level get cut but will likely be sort of "obvious" folks
Wait - most larger banks are overstaffing these days. Depending on the context, this might not be a bad thing.
Doubt analysts will get let go especially after what banks experienced last year. Unless you're at a small boutique, you should be good.
What's your perspective on incoming summer analysts? Do you think banks will be savage enough and offer low-lowish return offers? Referring to BBs specifically.
curious as well
Not relevant to 99% of this forum as no senior associates or below are getting cut...even the "weak" performers. There's just too much attrition at those levels.
Does this apply to incoming summer analysts and their return offers?
Not really because it is very easy to find people to fill FT spots in any labor market. Experienced laterals are a very different situation.
It's not difficult to get return offers, but they aren't exactly seeing intern attrition lmao so they can always afford to cut interns they feel aren't cut out for banking or have bad attitudes
First quarter in my group was dead and now everyone is over staffed. Think 1Q22 was just a hangover from 2021 deal activity.
With the amount of attrition still going on I think places would rather be overstaffed than turning down deals
Also unless you see a 2008 type black swan event, BB/EB/MM have just never and will not start cutting analysts/associates. Maybe not replacing those leaving, but no one is getting laid off
A handful of banks did cut some jobs during Covid, but generally agree with your point. Covid obviously was an anomaly.
Do you work at Brown Gibbons Lang?
Oh how you all were so wrong
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