2.5 years in, promotion coming in January, got laid off Monday from a BB, along with numerous others in the group. Not performance based at all, it just seems that the business is clearly becoming something that the firm doesn't want to pursue any longer. Lost over 20% of staff over the past few months, and between regulation and restructuring, it's hard to see a place for the business at my old firm. Without getting into too much description, it's a form of illiquid ABL.
Recruiter called me within a few hours of being let go, and has set me up with meetings at other players in the space in the coming weeks. General question is, anything else I should be doing? I've been meeting and speaking with people all week; wanted to hit the ground running. Situation sucks, but I'm staying positive and keep going forward.
thanks all.
i would say take 5 days and drop out and do some thinking. Go to a beach/mountains etc.. Turn off your phone, don't take a laptop and go somewhere you can sit in a pool/hot tub and clear your mind.
A clear mind does terrific things for decision making.
edit : don't mean to sound callous, I'm sorry this is happening to you, but you'll get on your feet real soon.
Thanks - appreciate both responses. Just an absolutely bizarre feeling, getting up and not having anything to do unless I have a call or brief meeting scheduled.
I'm confident I'll bounce back quickly, but I would be lying if I said I was 100% ok.
The one thing I would make sure you do, even if it sucks because you may or may not be harboring animosity towards superiors for getting let go etc. , is to reach out to an old manager or superior at the bank and ask them to write you a brief letter of recommendation. Having this with you in interviews going forward will make it so that you can get the doubt in future hiring manager's minds about you being cut for performance reasons out of the way, and get on with the interview. its a tough thing to go through but this will help, and you will get through it.
When you go in, and they ask you what happened, be straightforward. Tell them you were laid off because of the company's decision to move its business lines elsewhere. If they're dicks and think it's you, then that company is not a place you want to work.
Remember, you held a job for a while, don't doubt yourself because you got laid off.
offer inked with a BB in a great group.
thanks for the support!
Thanks for the reply and kind words. It was certainly sudden. As for clues and warnings: Its been publicized that UBS has done some major IB downsizing in Europe, and internally, we heard of rumors of it coming to the U.S. Last week I heard of two midlevel employees being let go, but wasn't really expecting it to go down to the Junior level.
As for performance: I would have thought I was middle of the pack within my group. I was/am not in love with the idea of staying past the analyst two years, but it would have been nice to finish it out. Maybe that lack of absolute commitment was apparent. I don't want to get specific, but we have one of the larger groups who has performed at a high level the last few years, but the last twelve months have not been superb, so it makes sense they would have to reduce headcount, and with the new summers coming soon followed shortly by first-years, I guess cutting at the analyst level made sense?
Long story short, in some ways shocking, but other ways it makes sense that someone would get the axe. I'm just curious to know how wide spread it is and if there is any sense of what to do after completing only one year.
Thanks