Truist Update
Sorry to create another thread, but any updates?
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Would be surprising. Not in the sense that leadership would make the move; more so that it feels like we are running lean as it is. From what I can tell from the product side, many coverage groups have more MDs than they do associates or VPs. Add in all of the recent marquee hires and it would seem that they need more juniors, not less. I think there’s an implicit hiring freeze but don’t expect cuts except perhaps in some of the more bloated/underperforming groups.
Have not heard anyone getting laid off
Good points. Still hold? Someone on other thread had different take
I don’t think either view is necessarily wrong. To the other commenter’s point - yes, could see thinning of the herd at a junior level. Still don’t see it with seniors given recent hiring/leanness of teams. That said, they could cut a handful of obvious underperforming D/MD level bankers, but that’s always possible - just maybe more likely now.
Lot of the coverage teams are still recovering from attrition during COVID from what I can tell. Perhaps some juniors get RIF’d but I don’t see it for most of the product groups - at least not AFG, DCM, FRM, etc. LevFin is always a target because it’s the biggest but it’s also our bread and butter and that’s probably more of a factor of how long things stay bad
Well put, agreed. A2/3s in TMT at least were told that they would be reviewing offer letter, which sounds like a tactic to reduce conversions where possible, as opposed ti layoffs.
Haven’t heard anything about what’s going on in TMT - what’s the story there?
Totally agreed about recovering from attrition during Covid too. Seems like still filling holes there as opposed to growing headcount beyond pre-Covid levels.
So do you think LevFin is more vulnerable for layoffs?
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