Thread on potential ER layoffs got me thinking about this. I feel like ER is the obvious choice here but lots of bank actually added headcount in research during the last recession and cut back on IB. Low deal flow would seem to hurt IB more than ER since it's a direct blow to IB while research also supports buy side clients and PMs who will still be in the market for research regardless of economic climate. That being said research is one of the largest cost centers and an obvious target to boost the bottom line. Thoughts monkeys?
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