Truist layoff
Heard from my friends at Truist TMT that they’re laying off 2nd and 3rd year analysts? Can someone confirm?
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No this is fake news
Who knows. Wouldn’t be surprised if they do, but hard to see with all of the recent MD hires. They’ve had to backfill a lot of vacant spots and at least in the groups I interact with the most there isn’t much bloat at the Associate/VP level either. Hard to see how we operate much leaner.
Probably some layoffs, likely lighter than broader banking layoffs.
Naive to think they will let low performing analysts, who are not “cheap”, sit around with low deal flow. They are still hiring MDs, but it’s worth making a key hire for long term growth. Analysts are a dime a dozen and they can just hire more when they actually need them.
All that said, still, I think it will be light, less than 5% of IB.
Which groups? Will healthcare be ok?
Do you work there or are just speculating
Also worth noting is I think the firm is down less a competitors and took on fewer ppl during the pandemic than some of these other firms. That being said, it is still down and still took on some ppl.
Any update here?
Got a buddy at that bank, heard they're laying off across the bank today
Confirmed. My team have let go of 2 associate and 2 VP as of this morning. More to come from other teams. We’re told that our team is the least impacted. So, it won’t be pretty.
What team are you on
Is this coverage or SLF or other?
All happening today? Any idea if this is focused on a specific area or CIB wide?
Seems across teams. Have heard HC, SLF, and TMT have all been affected this morning
All team impacted and no one safe. Still waiting for dust to clear.
This means every city then correct? Not just NYC but CLT, ATL, etc. too?
Could you elaborate
Wow
Jeez what gives you that impression? How is that the right move? The rent too high? Shouldn’t have moved into Hudson yards
--
It was a bloodbath. Lots of good people impacted and even some that were recently promoted. I’m not too surprised though given how poorly management handled layoffs post STRH / BB&T merger.
Ouch. What happened? The behavior in the merger was definitely a concern
Can confirm announced layoffs today in several coverage groups
Thank you, but could you elaborate?
what groups got hit the hardest?
Have heard rumors these may be ongoing over the next few days. Can anyone confirm?
Heard some are done and some may not be
People may be starting to realize this finally, but literally every single IB is going to have significant layoffs... 2022 was only a good year due to 1H'22, 2H'22 sucked and deal pipelines for 2023 are non existent - a large driver of this is the financing markets + the large increase in rates has widened the bid / ask on assets.
this. 09 was peak sales and trading and then the market died for years... same shit happening in investing / financing activity
This is way less severe than 09. Things are not going to be this bad deal-wise once rates move back towards normal. Won't immediately get back to 21, nor will we hit that again, but this isn't 09. We should get back to at least 19 levels in a decent amount of time.
TMT is hit hardest. MD / VP axed. Some juniors was offered to move to ATL, but will be axed if they don’t. Analyst isn’t guarantee to have a 3rd year return or A2A.
HC - VP / Associate axed
Industrial - MD/VP/Aso
C&R- Judgement day tomorrow
Product - ECM hit hardest/debt team also hit with one group head layoff
All analyst will keep their job until June, and selective people will be told whether they will continue with the firm.
Luckily, I’m in credit, so not impacted as much. Live another day.
Where'd you hear all that about TMT?
Source from people in my analyst class.
What about LevFin and FIG?
So they’re waiting 2 months before bonuses hit to lay off analysts ??
Exactly
Did not hear about analyst layoffs in cov. Curious what group your source is from. Besides NYC TMT and AFG of course which is already in process.
I think what he means is that instead of official analyst layoffs the bar has just gotten higher for a third year analyst return offer, which has always been mutually elective at Truist even in practice it’s typically a given. Same story for A2A. In other words probably a lot of attrition going to happen more organically by not allowing people to return for a third year
I only heard of one or two layoffs in AFG as a whole. Anyone know of anything else on that side of the business?
Any idea what they’re giving for severance?
Some keep their bonus. Some just pay until end of Feb and no bonus. Very shitty.
Treating “teammates” like shit. Some habits die hard for Truist
So what happened? Didn't hear about any layoffs in some coverage groups?
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