Markets like this are where stripes are earned

Let's be honest, things are brutal. The layoffs were concerning back when the first wave occurred and each additional wave further worsens the supply glut of out-of-work finance professionals in a lackluster job market. Rates still haven't peaked yet, per expectations. Fee revenue is down, headcount is down, comp is down. People who haven't been let go are overstaffed and underpaid. Funds aren't performing and thus fundraising has receded.

But ya know what? Burn baby burn. The brave few left standing when this all clears up are going to be lean, mean and goodwill'd the fuck up. Take it as an opportunity to get a step ahead of the co-worker you always thought was an asshole who then got laid off thus giving you the opportunity to jump up to VP while he has to look for a lateral Associate job again and do another 2-3 years at that level. Take it as an opportunity to re-recruit after getting laid off so you can find a role in a team that really wants and needs you and not the first bank that offered you a chance to up-tier during the manic bull market of 2021 then fired you nearly immediately after. Take it as an opportunity to ditch your shitty IB job you got laid off from that you hate anyway and find a sustainable Corp Dev role with a blue-chip firm you can work for well into your 60s without sacrificing sanity and family. Take it as a chance to find a new PE firm that's actually differentiated and raising more/bigger funds instead of the fund that just laid you off because they're a bunch of Johnny-Come-Latelys with no unique draw. What was happening in 2021 was unsustainable. It was also so lucrative that nobody wanted to speak of this out loud for fear of being the catalyst that brings investor sentiment back to earth. Not everyone can ride the gravy train to the top on fortuitous timing and record breaking economic environments alone. At some point, we're all gonna have to prove ourselves when shit hits the fan. And I feel like once everyone rebounds from their respective rock bottoms they'll end up a on more sustainable, efficient and better path anyway.