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An anecdote from 2008 -- layoffs didn't start until things got pretty bad and it was blatantly obvious that the work wasn't going to start picking up for awhile. There weren't really layoffs 'in anticipation' of things being bad.
Another thing is that Investment Banks in particular have been fighting like crazy to hire sufficient staff. They've been facing a shortfall in junior talent for more than a year now. They are going to want to be absolutely sure it is the right decision before they start terminating folks given the difficulty they've had staffing up over the last year.
Good call out. I also distinctly remember that time. And has the culture/environment ever changed since then.
Thanks, old timer! :D
Didn’t think I would be called an old-timer until I was in my 50s, but I suppose it is all relative! =P
The interest rate hikes killing the mood are in some part driven by a tight labor market. Fortunately for us, as long as the labor market is tight, banks will feel like they need to keep adequate staffing lest they be caught flat footed when things recover (like they were after covid and during the boom that followed).
Tech and ECM big time fucked
Well thank God I'm incoming at SVB Securities.
ECM is fucked. Tech is not. My MM Tech group and still getting crushed with work/mandates and we’re not even that short staffed
NOT IN APAC
Interesting. Can you give further explanation?
CUZ IM STILL WORKING 80 HOURS PER DAY AND LATERAL MARKET IS STILL STRONG
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