Public finance layoffs
Has anyone heard anything beyond what’s been in the Bond Buyer the last few weeks? It covered UBS and MS. Rumor mill had mentioned GS and Bank of America. Anybody heard anything else?
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Nothing yet at Citi. Although I keep hearing they might wait until post-bonus attrition to start making cuts.
Isn't muni issuance supposed to be up this year?
Public finance is not nearly as cyclical as other investment banking divisions, so I wouldn’t expect major headcount reductions anywhere. Just not the nature of the beast.
I thought issuance was down like 20% last year?
Yes $384BN down from $483BN
I never said that PubFin wasn’t down YoY, only that it was less volatile, which is true. Compare that with ECM, which was down up to 80% YoY at some banks, and PubFin looks a lot steadier. M&A is somewhere in the middle for most banks.
A bank can take a 20% revenue hit and not have to lay anyone off or just lean into natural attrition or lay off the bottom 5-10%. That’s not tough. ECM… now that’s tough. That’s where heads start rolling…
UBS cut 20% of their team, MS cut multiple senior bankers, clearly they are laying off. Bulges are notorious for overhiring and subsequently overfiring.
Agreed, that’s a people being dumb thing and not a “this industry is particularly volatile” thing
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