Laid off advice
Laid off part of a restructuring plan by the company (flagged that operating margins are lower than previous years and required to lay some team members across the firm). Obviously pretty bummed out about it, when I got the news this afternoon with my MD and HR, front-office.
HR walked through the severance package (xx months untaxed) and if I decide not to take it, will go through the formal process where if it's decided I will be officially laid off. I understand the writing is on the wall, even if HR does not say it's performance related.
Wanted to ask advice on how to go about it? In an ideal world, I'd like to stay - is it optimistic to go through the formal process and think my director/MD will vouch for me?
Thanks in advance.
UBS?
Smells like Lazard...
bump - if any advice, appreciated..
Firstly I'm sorry you're in this position, especially given your background.
This is a conversation between you and your team head.
At least at my firm, these discussions (who is getting cut) do not get run by Directors / Executive Directors, or even some MDs. It's usually a small circle of senior MDs / team head, so unless your direct manager has outsized sway in the team, it's low likelihood that they can influence the decision. Be aware of what you're asking - if you don't get cut, someone else needs to go (teams are tyically given an amount by which they need to cut budget, but allow the teams (supposedly better-informed) to make the individual decisions).
You have nothing to lose by having a conversation with your team head (if your review are truly excellent, maybe they can give references, better feedback, or even find you a role elsewhere in the firm), but I'd caution against going through the formal process without doing that.
where are you from? If continental Europe, can move and keep on recruiting
It’s very odd that you are getting cut with good performance reviews. Did something else happen while you were at the firm? If your seniors and MDs like you you should be fine, especially if you’ve proven that you can take the reins as an associate.
Saw this happen a few times at my own firm in London as well. Would go with what somebody else above said and not go through the formal process - the decision is pretty done now.
Would add though that given you’re in good standing, you can negotiate a few things. Can you be moved to another front office role / another division that is close to IB like corp banking, or extend your time on the company a few months after your last severance pay (can argue the recruiting environment isn’t the best right now) so it looks like you’re still employed when interviewing. And more informally, asking seniors for references and referrals to other firms. Would take the time having bit of a break and then working on your next move, reaching out to recruiters and your network who can help out.
Similar situation, was offered a severance package. I negotiated away a portion of it to stay on the payroll longer (basically ask severance to be paid as salary and you stay on payroll). You get to sit back home, take a break and get to recruiting full time, gets you extra time for visa. Market is horrendous right now so stretch as long as you can. Good luck!
In addition to what others have said about stretching the current employment as long as possible / buying time. Make sure you get a reference along the lines of "left employment " so it doesn't look like you were let go.
Get an employee there to cover your ass, potentially say that you worked there a bit longer so you can recruit/remove the gap. If you say you were let go it may be better than you saying you’re jumping ship to another shop because it removes the job hopper stigma. The biggest issue out everything here is how you’re going to manage your story. IB-IB may be tougher you’re over qualified for first year roles and under qualified for associate. I’d try to find something else but IB may be tougher.
Good luck man.
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