How bad is the lateral market in NY and, in general, are banks hiring at all right now?
I got laid off back in September of 2023 and I was in a Capital Markets group at a MM Bank. I have been unable to acquire a role back in IB since then (I would like to pivot to a traditional IB group and consequently am filling appropriate first-year/experienced analyst applications out) and at this point, my hope is seriously beginning to deteriorate. I have also been applying to roles that are not in IB and it has been quiet on that path too.
I got advised by friends that end of Q4 2023 nobody would be looking to hire and that it would pick up in January and that too has passed.
In my application attempts, I have been gunning for New York and I know that may be a stupid move for someone without an actual job (beggers cant be choosers) but I dunno I have this weird ego thing I can't let go of that I want to make it to New York and that is why I have focused much of my efforts there. I will say that there has been a correlation tied to the passage of time since September and the number of applications I have submitted to other cities outside of NY.
I used to think that being in IB, forgetting about the interindustry standards (EB, BB, MM), and acquiring a job elsewhere would be much easier as the experience is 'universally' recognized. Boy does my current experience feel like a goddamn wake-up call.
I just can't help but think to myself what did I do wrong, is the market really that bad, or is there something about my resume that just fucking stinks? In the interim, I have been able to return to my passions. I've been weightlifting again, building muscle, fixed my diet, and quit vaping so my health is on point after a long time but all of that still doesn't feel like a win.
It is the market. Banks are laying off right now and have hiring freezes.
RBC, HL and Moelis are hiring
For what it's worth, glance over to the world of tech and you'll come to realize it could be worse. Some of my friends in tech have been trying for over a year and still nothing. Point being it's not just you and we're at the point in the cycle where it's just harder to land a role (versus a time like COVID when the hurdle was rock bottom)
Keep your head up - you're on the right path by taking care of your health. Those are totally wins in my book. As for the lateral market, I'm positive there is going to be churn given it's bonus season so keep your eyes peeled and network network network. Best of luck brother.
Tech jobs are automated by AI. Those jobs are not coming back. Bank jobs will come back later when deal-flows pick up
Would recommend working on financial modeling skills.
I was laid off from DCM around the same time, and have landed coverage/buyside offers cause I’ve been crushing these modeling tests like nothing
I’m in a similar boat with a December RIF.
Getting interviews is the tough part, been able to crush most technicals that get thrown my way to usually get beat by someone with more experience post super day.
Half my processes now are from cold applications surprisingly. Not too many IB though
Second the modeling prep, makes bullshitting way easier if you can back it up.
God speed brother
Could you share about how you practiced for the modelling prep?
How do you practice your modelling?
I used a course that had a ton of case studies and other prep. WSP tends to be too in the weeds for actual tests and makes prepping difficult.
Lateral market sucks right now (from what I’ve seen). Been trying for a while and it’s bad. Doesn’t mean someone can’t do it, more so just hard or maybe I am doing something wrong.
No. Now get back to work.
It’s hard for everyone brother. But chin up and persevere, you will get something. I’ve send people land things last year when the market was even worse after getting laid off. Don’t let off the gas and own your experience in the interviews. Show them how much you’ve grown and how hungry you are. That warmth will shine through and resonate with the interviewer.
Similar position - feel free to pm.
When your only view of the hiring market and corporate life in general is this forum, mostly frequented by immature kids, you believe that it’s easy to get a job and the real world loves IB juniors, etc.
The truth is that good, white collar jobs are tough to come by and a lot of landing a gig is luck and who you know. At one point in my life I was trying to leave my bank for a better. So I was looking from a position of strength in that I was currently employed. I also had 5+ years I-banking experience and two Ivy League degrees. I barely got any interviews and only landed a new gig after THREE years. What if I had been unemployed during that time?
Don’t try to find a reason as to why you can get hired. It’s not the market or the region or any other abstract reason, instead, focus your efforts on applying anywhere and everywhere to jobs you think you would be a good fit for. Land something, and then you can focus on moving to your dream gig.
This is a good take
Second this, and normally I hate smoke frog
If your target is NYC, best advice is to change your phone number to a 347 or 212 area code and use a friend’s NYC address to apply. With so many layoffs and good talent on the market, the first filter is your area code unfortunately. Most first round interviews are over the phone or virtual chats which helps get your foot in the door in the city without securing a rent before you land an offer. Then when you get an invite for your onsite superday interview, aim to maximize your time and book 2-3 bank rounds in one day (morning/afternoon) and pit them against each other. Most of landing in NY is psychological…get to know your daily commute, know the local watering holes, pound the pavement, etc. My former boss literally muttered under his breath that he was glad I was already on the ground vs all these transplants who don’t know the day-to-day reality (subway, crime, rats, carjacking & high CoL). In a way, some of the ‘flight to safety’ to better WLB zip codes outside NYC could be to your advantage & the fact that you are young is also a plus. Best of luck!
I have a California area code but I've been living/working in NYC for over 3 years.
Do you think it matters still?
This doesn't make any sense... most people have kept their mobile numbers from before they started working in NYC and those numbers are typically where they are from and majority of bankers in NYC aren't from NYC...? I don't understand why someone would filter by area code as someone who filters through resumes quite regularly..
So you’re looking for a job in the most competitive area in the most competitive city in the world but are curious as to why it is difficult, when the job market has weakened significantly and most firms are laying off?
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