More IB Layoffs in 2024?
Are banks still doing firm wide layoffs / layoffs in the IBD division in 2024? I heard it’s been more quiet but not totally sure.
Curious to hear if it’s also sector specific within IBD.
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I think Piper Sandler has quietly done layoffs since the start of the year.
That's very Piper Jaffray-ish of them
Waiting to see who leaves post shit bonuses then a clean up if enough don’t leave
This
Rothschild today
I am hearing from a couple close friends at BofA - very bloated at the Associate level across all groups
today?
Can confirm. We have a 3/1 ASO to Analyst ratio on my team. It is absurd, and 1/3 of them are terrible and there is not enough work, especially meaningful work to go around. Sadly I doubt we will cut headcount due to HR and senior leadership stance. I know there will be no lateral recruiting for the year thoughacross the IB teams, thats already been communicated. Internal transfers only and even those will be limited. Hoping they send a message to underperformers with bad bonuses and people leave on their own. Not wishing anything bad on anyone but we simply don't need this many people. Its probably been a full decade since the last real round of layoffs, they cut a few early last year but those were MD/D level and it was very few. GS/MS/JPM are rough to work for culture wise but at least they manage headcount and keep people motivated.
Lol after a year where nearly every firm has laid off hundreds or possibly thousands of people, this guy is upset that his group lets people leave on their own accord
FWIW, my friend told me that because there's not enough work to go around and so many Associates (40+ in a coverage group), a lot of them suck at the job, don't have enough reps and just play with their thumbs all day. He told me one Associate legit just watches movies all day lol. It's just very expensive dead weight. It's no one's fault though but HR will just tell the VPs and staffers to suck it up. I guess we'll see how it unfolds.
Fwiw, heard BofA levfin has kicked out many underperforming MBA associates out of the group and put them in the back office
Any update on BofA?
At BofA, Just became Asso2, product group. Have wanted to move internally to coverage for ~1 year but caught in a bad market so no dice.
Highly interested in moving internally this year, but have heard similar to you that many groups bloated with associates. Are there any groups you are aware of that may take an internal candidate (good reputation / references internally)? I know C&R and TMT are totally bloated so obviously not those.
I wouldn't be shocked if some banks continue with (quiet) layoffs. The long awaited market pick up is still not here...
Eh, I'm at an EBish bank (Gugg, Rothschild, etc.) and we've been pushing out underperforming associates while not replacing Analysts for the last two years. We're finally getting to the point where we actually need to hire a body or two. That's just one group though, I don't think we'll be doing a hiring drive en masse by any means. Def won't be cutting though, lean as is and our dealflow is picking up over past two months.
Citi just announced a 10% headcount reduction here:
https://www.wsj.com/business/earnings/citigroup-plans-to-cut-20-000-job…
I mean its over the next 2+ plus year. Still big news. They already botched the recent restructuring and its projected expenses, likely resulting in a quarterly loss. Lets see how this initiative goes.
Citi just did the thing…
Lazard axed people today in London. Associates only for now but hearing senior analysts might be on the chopping block too by summer '24.
Is it primarily because of bad results? Currently in a process to get recruited by them, so it’s a bit scary
It's part of the layoffs announced around May last year. So basically season 2 of what happened mid last year. TBC if it continues.
this was global and firm wide (IB+ AM)
lot of people are effected.
bump
There's just total downsizing happening all over the industry. It might not get public attention since a lot of these roles won't let you publicly disparage the companies you worked for.
BMO Capital Markets has done layoffs in NYC, Toronto, and Chicago recently. Layoffs haven’t stopped and we haven’t seen the end of it. They’ll continue till Q4.
BMO has to be the worst run bank that most people have heard of. They were allegedly chopping people in 21 and 22 when nobody else was.
shut down the houston office by turning off keycards on a Tuesday without giving anybody a heads up.
I see other stuff - layoffs done now but big exodous at associate level in an EB in London - one team few within a week.
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