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I mean they operate only in TMT, doing mostly equity raises for GE (no dealflow currently as GE shops are focused on their PortCo) and Sell-sides (no one is selling either) so their revenues must have taken a massive hit if not gone to 0. They have also expanded aggressively over the last few years.

They are the IB equivalent of LEK - which apparently has been struggling according to the consulting forum.

For interns, they only take 6months interns and usually hire 1/3rd of their class, guess it will be close to 0 this year then. And who will work for them in the future? Well anyone who wants to break into IB - it will still be a good MM player in TMT sending people to BBs/EBs.

 

I suppose what I meant was in terms of lateral hires.

I've heard that they've tried to change the culture a bit but every time their system gets shocked, they revert back to cutting people.

Think the post below has a point regarding termination and the government paying back their salaries.

What's also surprising is how they treat their senior staff.

Array
 

I mean they mostly hire at the junior level, and then top level. At the top level they offer all cash or mostly cash comp so they will keep attracting good deal makers. They don’t really hire VPs/EDs. And they can rely on Analysts/Associates that want to move upstream to lateral to their shop regardless of the culture imo - or that’s the way they think, only time will tell if it works or not.

 

Why furlough interns but not analysts / associates? Seems a bit backwards to me

 

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