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TBD but morale fucking stinks rn
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Bad layoffs. Wishing all the best to everyone laid off or who is still working here.
This market is rough.
More than just a couple. Hearing it’s happening in ATL, CLT, and NYC, and looking like a lot of associates and up. Not just in coverage too. Curious to see what happens with groups that overhired over the past 2 years. Just not a sustainable plan and the blocks have to come crashing down at somepoint.
Edit: good luck to those affected and keep ur head up. Unfortunate this happens but if you already made it into IB, you’ll definitely make it in life. You have the right skills to succeed so don’t forget that.
NY HC team got obliterated
can you provide more context? have a few folks in HC space and said VP/Director level got laid off
Analyst - MD layoffs, around 8 laid off
Any news on the tech team?
I have a few friends at Truist, it was pretty bad. I heard that HC got it pretty bad, and M&A took the least brunt (only a couple were let go). Problem with over hiring and lack of deal flow
Any chance you know how levfin fared?
A few layoffs in levfin. Minimal impact given that group already runs lean for what they do relative to the rest of the bank.
Are layoffs coming in waves? Heard they were planning on layoffs 11/6-11/7, another round 12/13-12/14 and a final round of layoffs in Feb 2024
Source?
Can confirm. Was laid off this morning. Product group.
Sorry to hear that man
Which product group if you don’t mind me asking?
What’s the package?
Regular pay and benefits until 12/15, then 2-3 months severance paid on 12/31.
Godspeed bro - know the feeling, you’ll land on your feet and maybe it’ll be a blessing in disguise
How bad did the healthcare group get affected, and was it mostly junior bankers or also VP and above?
At least, one MD I heard (based in ATL)
Very demoralizing. Sincerely hoping and praying that everybody impacted lands on their feet swiftly. Classy of truist to seemingly give people 14-18 weeks of pay as they find their next step.
Anyone have details on the NYC office cuts? Hope everyone laid off lands on their feet, terrible to see
Life sciences team got hit hard with around 40% of the team laid off - from analyst to MD
What’s life sciences ib
Management reached out to a few teams today (Tech, FIG, maybe more) telling them that they have a week to decide whether to move to NYC (from CHI, ATL, maybe more) or get laid off with severance. Anyone know the full extent of who was/will be affected?
Weren’t they telling people a few months ago that they had to move out of NYC into clt or atl? Seems like they don’t know what they’re doing over there
TMT had that issue in Q1 - NY team had to move to ATL/CLT. Same story different group
Any updates on the layoffs?
Heard rumblings more are coming in January. Think the goal is to have all the performance reviews in and cut under performers but who knows
Does this impact analysts mainly?
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