First-year that was caught up in the layoffs. Been recruiting for an IB role for some time with no luck. Wondering peoples guestimates on when lateral hiring will resume.
How much worse will it get before it gets better
For people that have seen a cycle before, what were the signs that firms would be hiring again
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Mate - I got let go in Dec as an An2 and its been brutal here in london. I'm in a pretty niche sector and so i'm not getting any looks from IB teams, Big 4, Strat and Management consulting or buyside so re-recruiting is proving an absolute uphill battle
The uncertainty is killing me
The unfortunate answer is not for a long time, at least in large quantities.
There might be random openings here or there, but at the end of the day most banks either have or will layoff a few percent of staff, which often includes juniors. This means hundreds of laid off bankers are out looking for jobs, and the one off opening because an associate jumped to corp dev just isn't enough to balance things out.
Also, the recession is starting to bleed into other sectors (consulting, big4, tech, etc) so it's just a tighter job market overall.
the honest answer is laterals will come back when deal flow picks up - anyone's guess is as good as mine there, but until fees go up and banks need more hands, they won't meaningfully hire.
Well said
This environment is the mix of the tech collapse and 2008, credit starting to strain, tech bubble has popped, interest rates have risen making LBO activity difficult, corporates are focused on profitability not M&A, they’ve locked in cheap debt in 2020-2021 so financing is down. Moreover, with the yield curve as it is any bank that has a depositor base and lending arm can’t rely on that. It is a true shit show and the it might just be starting. On the positive side, if the war cools down, inflation drops significantly, and rates don’t rise, I think things could pick up fast since sponsors have a boat load of cash and so do strategics.
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