Should I be worried about my job?
Hello all,
I am an analyst at a bank where I work as an underwriter on the originations side. Obviously, we have been very slow. However, at the end of the day today, I was called into my manager's office and was told that I would be moving into special assets. I asked if I will be able to work on originations while doing this and the answer was not super clear. Although, I was told that when we go back to being as busy as we were earlier in the year I will be moved back.
No one else was called into my manager's office so I believe I am the only person doing this. It was mentioned that they need my help because they are busy and I work really fast. I think I provide value to my team as I am the most experienced with Argus and have worked on a wide variety of deals.
I do not think I should be worried but am stressed. Am I overthinking this? I have heard that there will be layoffs in the CRE group but to my knowledge, no one has been let go.
Thanks
It pays to add value when others might not be, makes it harder to be let go. I'd have a conversation about how once you crush it in special assets, what the path will be to get back to originations.
Having special assets experience is pretty incredible, good for the resume and for your future growth. Will let you understand what structure at origination did and didn't work, and how it protected or exposed the lender. That said, remember that workout groups generally work themselves out of a job (restructured loans or sold notes/REO) so having the path back to originations, as you mentioned you want to do, should be clear and reaffirmed from time to time.
This happened to a lot of people in banking/originations back in 2008, a few good friends of mine made the move to special servicing. Good experience, will be great for your career and actually help you TONS if you want to go to principal side later on. As to job security..... being asked to move probably means they like you and want to keep you. All else equal, your probability of surviving layoffs (if they do occur later on) probably just shot through the roof. You have a purpose and one that will grow in need in all likelihood (note, nobody is 100% safe, but you are safer than those in similar position not moved).
In all, this sounds like you are very lucky, and probably good at your job, and the bank thinks so clearly.
Yup what others said, we recently moved a couple of people and it was because we didn't want to let them go, so they were repositioned during the slow down. They wouldn't waste time and money training you on a new team that is busy if they didn't think you'd be up to speed quickly nor do they want to lose you. I'd honestly be more worried for the people on your old team that were the same seniority level. They will be most likely the first cut if there are staff reductions.
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