For those 1st or 2nd year IB analysts interviewing after being laid off, are you being upfront? My firm has allowed me to say I'm continuing to work there, however, I just lost a job offer because the fund found out I was actually laid off
Debating whether I should instead come clean but I'm worried that it'll prevent me from getting interviews
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Hi Prospect in IB - Gen, no, I never sleep and so I can respond to any lonely threads (like this one) at all hours of the night. Impressive, I know ;-)
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thought you’re supposed to say you’re laid off? and active status during your severance period is just for legal reasons. why would you say you’re still employed ?
I tell interviewers I was laid off within the first 2-3 minutes of the conversation. I am upfront.
I cap
Sorry to hear this. I've been in a similar situation (PM if you'd like more on that) and here's what I'd do.
1. Decide which story you want to lead with: Since your firm is letting you keep them on your resume you can choose to say you were laid off or that you're still at your current firm.
2. Craft a story and stick with it: Prepare what you'll say if they ask why you were laid off or why you're looking to leave. Be consistent or else they may suspect your lying.
3. Keep it Short: Make sure your explanation is more than a minute but less than two. The more fluff you add the more they may think you're hiding something.
Things to Keep in mind:
* IF you say you were laid off they may request to speak to your supervisors or references about this.
* Be prepared to have contacts that can go to bat for you. Write a list of people you liked working with and reach out.
* Speak to your references before having them speak with a prospective employer. Long story short, I didn't do this, and my reference was dismissed.
* Confirm with HR their policies. Many big firms have policies that forbid current employees speaking about past employees. If they do screenshot the email or request for that in writing. Then show to any prospective employer. Most firms don't even contact them especially at the analyst level. However, some boutiques or regional firms may request this.
Hope that helps and good luck!
How did the fund find out though?
Any update?
Harbour not undue shame, openly avow thy release from employment. Therein lies no dishonour.
Sorry your going through this. I was laid off a few months ago at my 1 year mark so I have a ton of respect and appreciation for what your going through.
For me I told my interviewers within the first minute that I was laid off. I also told them it was not performance related and was a business reorganization. Also had some one at my firm who would support that if they wanted to check.
I landed the same role at a better bank with better pay in about 6 weeks total. And had several other slightly less attractive offers.
You'd be surprised how many people in this industry have gone through something like this at some point in there careers and understand your situation.
Best of luck and keep us updated
I was also laid off 4 months ago but had to go to a bank not as good as the one before, so slightly different situation. However, I was wondering if you were able to recruit for PE / how you’ve handled conversations with HHs and PE associates
On the same boat here but A3 from EB. I disclose my redundancy in the first 5mins as part of my intro talk while I walk ppl through my CV. I've had no push back at all in this environment.
When I was recruiting after a layoff last year I also disclosed up front. When you incorporate it into your story it allows you to set the narrative. A good half of my class was cut so definitely wanted to clarify that I wasn’t singled out as the one analyst who got cut randomly. Interviewers generally understood and were sympathetic. Would have felt scummy to dance around it and you can’t avoid the question coming up. Who is lateral recruiting these days?
Just say it wasn't a lay off but more of a "locker-room cancer" thing. They'll understand.
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