Laid off on bonus day AN1
Last Friday I was let go from my MM IB role. I went into my year 1 performance reviews expecting solid marks and a bonus and was told they were cutting and I am in the unlucky group.
I’ve saved enough and w the small payout I can make rent for the next month but not after that. Even with my base I was barely breaking even after loans and rent. I have no connections outside of my company and am a deep non target, was very fortunate and lucky to have this role. I’ve rested, started applying/cold emailing but nothing at all.
What if anything can I do? Are there even any banks hiring, would any small funds want me, is any level or IB/PE/VC/CD attainable w 1 year of IB and no connections.
I would love to do IB again or go to some small PE firm as I generally enjoyed they stuff but I’m not sure how to get there again.
If anyone has any any advice or suggestions or has been in this situation before I would appreciate it. This is pretty disappointing and I am open to any sort of insights
Hey OP wish I had advice but just wanted to say I’m really sorry this happened to you, and I hope you are at least still able to get bonus payout for your first year or else that is severely unfair
Much appreciated. Unfortunately yea no bonus.
I’m sorry, what? They had you work a year, up to the bonus payout date, and then didn’t give you anything? Did they give you any severance? That is so unbelievably F*cked up. I’ve worked in finance for 15 years, have laid off and fired people and the idea of saving that tiny amount of money and screwing someone over never crossed my mind.
I realize it doesn’t help, but I’m sorry this happened and this is NOT the norm across reputable firms. Was this a major bank?
Anyway, I don’t currently have any leads in IB but I’ll see if anyone I know does.
That's very cheap behavior. Sorry this happened to you.
Thank you, appreciate that
name and shame
name and shame
Is it HL?
HL gives AN bonuses in August
Name and shame
Sorry this happened to you OP! But wishing the best for you!
Thank you!
name and shame
Name and shame
No BMO bonuses aren't for another few weeks at least, and they are paying bonuses to the analysts they just let go this week
Name the bank
What a shit move on their part. This 100% sounds like a BMO move as other have been alluding to. They axed their entire US O&G team back in December 2020 (no bonuses).
Nope BMO layoffs were this week, not last, BMO bonuses aren't out for a few weeks at least, and BMO is paying bonuses to the analysts they let go
Are you at BMO or just speculating based on other threads regarding bonuses being paid?
Fuck BMO
Based on the bonus thread the only firms that have paid bonuses (at least with any data) are HW and Soc Gen so was it HW? If so doesn't seem like an HW kind of thing to do
Regardless of how bad they screwed me im not going to say the bank. I’m still hoping for a chance at IB wherever and so Im just simply asking for anonymous advice on what other bankers would do in this situation
Suit yourself, but no one is respecting your silence. It helps you not a single bit, and takes away your chance of getting back at those people.
NAME THE BANK
Name and shame
Sorry this happened. You have a positive attitude and if you want to be back in IB/PE then you should just grab whatever finance or finance-adjacent thing you can right now and move back into IB when things open up again.
Name them
Several years ago I know that JPM did this to some people. They basically meant it as a kick in the nuts to underperformers as it was a decent bonus year.
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