There were a lot of layed off bankers at the junior level over the past year, many from great schools with great first year banking experience.
Even if banks go on a hiring frenzy again in the NTM period, will it be super competitive given all the layoffs recently?
In other words, how many of you are still looking for jobs, and are there lateral opportunities at the BBs and EBs that aren’t being formally posted?
| +25 | Salary Negotiation | 16 | 14h |
| +21 | Thoughts on unseriously applying to jobs/interviewing? | 4 | 3h |
| +19 | Feeling Like I don’t fit in (intern) | 12 | 6h |
| +13 | Is it just me or do you guys also see bunch of people taking 6~7 years to graduate college (including Masters)? | 6 | 4h |
| +12 | spring week cv advice | 1 | 5d |
| +12 | Addressing Transfer Status for Recruiting | 1 | 5d |
| +9 | Senior Summer vibes | 1 | 14h |
| +9 | Rising sophomore trying to pivot to finance | 1 | 5d |
| +9 | Aaa | 2 | 4d |
| +9 | Interview Peocess for Lateral VP hire in IB | 1 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
I've observed very low levels of attrition in my own team, and that seems to be true right across the street. Given that, and a new incoming pool of Grads in September, I can't see staffing needs being that high for at least 12 months, even if dealflow picks up meaningfully. As you point out, there are still a lot of talented juniors still on the market. And they'll be (a) cheap (they need a job), and (b) immediately available (no notice period)
So, I think (purely speculatively) that it'll take at least 12 months (assuming dealflow normalises) for hiring to pick up again. After that time, those currently on the market will find an IB role or try a new career path, and internal attrition will leave teams needing to bring on newcomers.
That said, if you're more senior and specialised, there'll always be specialised opportunities at BBs / EBs (e.g. by chance a specific team loses two top VPs / senior AS at once)
You think the laid off bankers will stay unemployed for a year? I feel like many will pivot to other industries much sooner.
Difficult question, but I think most will try for a minimum of 6 months, and there'll be some trying for longer. Plus, other industries don't have a huge amount to offer if they're tangetially linked to deals and banking. But I agree, 12 months will be a long time for some.
(By the way, I sure hope you're right - selfishly I would be glad to see the hiring market pick up sooner rather than later)
As someone currently in the market, I hope so too.
Layed
Esse debitis hic doloribus repellendus suscipit aut. Blanditiis facilis non maxime est veritatis. Ipsa tempora iure est ad. Saepe ipsam commodi a dolorum eos repellendus. Nostrum velit doloribus dolores expedita consequatur repudiandae.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...