How hard is it to find a new job if you’re laid off?
I apologize if if’s too soon to be asking this type of question, but how hard is it? Would a BB analyst easily find a job at a smaller banks? I assume it would differ by ranks and coverage groups, but would appreciate if you guys could provide some sense in general.
Thanks in advance!
Depends on the market! And how small of banks we're talking. From what I've read, if the analyst was at a good BB and there's an opening, they should kind of be top of the list, assuming they're normal, click with the team, and actually did some work while at the BB and picked up some technical knowledge. Could probably end up interviewing with a group that doesn't even end up testing that aspect too hard and is impressed by the brand and doesn't push too hard. You definitely have the upper hand, if you're still employed by said BB.
Under normal economic conditions, I would think this would be a pretty easy move.
Thanks for the reply! Would it apply to higher levels, say VP or D? I was worried about the layoffs these days as the economic outlook is dire and events like this could affect the job stability as I want to be a career banker.
Oh you're asking for like 10 years down the road from where you are now? VPs and Ds are typically the first to let go, unless they're anticipated to be total studs in terms of bringing in business.
If an IB analyst is getting laid off then we must be in a seriously dire economic situation.
like the one we are in right now..?
Is it actually hard to get fired in finance lol?
The banks I’ve worked for make it a point to not fire analysts unless they do something extreme, even if they’re terrible at their job
Not sure if you haven't realised but IB analysts are getting laid off left and right atm.
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