Trainees let go....

heard a rumor about lev fin people at DB

Wow

Kinda jumping the gun isn't it ??

If new analysts don't score high enough on their tests during training, some banks will let them go or move them into a different division. I know this is true for Citi and JPM, among others.

Jesus Christ...and so it begins

I heard about a the analysts in LevFin at Deutsche and some analysts at BofA. But not sure how much is rumor and how much is fact.

DB is def. wrong. DB is the only bank on the street that didn't overhire

God, I hope all this tightening of credit doesn't expand into other sectors and form a real recession. Or if it does, measures are taken to add more liquidity before I start getting into the search.

I have heard from multiple sources, but noone at DB that a large portion ( i think mostly levfin were asked to leave...)

Bofa let people go... 10% at lehman..

citi in some cases offered to put people in corp banking or take a severance...

in most cases severance given and i think some of this is normal for people who dont pass the trraining tests.. but i think from what ive heard some banks have let people go for fear of too many people.... anyone can corroborate?

this only in investment banking?

i had a friend at JPM that said you needed to have a weighted avg. of 75 on the training exams but she didnt say what would happen if you didn't get it.

Most of this is complete bs. I don't know about the low training scores but none of the aforementioned banks have fired people because of the credit crunch. And yes, I know people at each of the banks listed above.

I hate it when people post unsubstantiated rumors on sites like these. We won't anything for certain until around mid-september, deals have been put on hold so everyone's just waiting and watching.

it's a coupling of the credit and this is really the only way to weed people out, esp. if they overhired.

although i also hear it's the VP's and associates who are the first to go if anyone.

10% at Lehman? I think that is BS...but we'll see

No one let go. some walked out on their own i heard.

and now you see why i believe in reneging.

People walked out on their own? But why?

Did HR hint that some of them would be let go?

This is bull, why would you cut your analyst pool? You run the risk of running out of the grunts right into a market uptick, at which point you have to hire more expensive laterals. Analysts are the smallest paychecks out there, so they're NEVER the first ones to go; weekly base salary is pennies compared to anyone, so if anything you string them along until right before bonus season and then axe them before the balloon payments come due.

And yeah, you could kill off one vp and have enough room for a couple analysts and 50% salary reduction on the deal.

apparently because a lot of them were not satisfied with their group placements....lot of people did not get their top 5 choices bla bla bla....i dont know for certain, but the bottomline is the bank did not let anyone go