Currently working in Asia. The exit is scarce for bankers here traditionally, typical pipelines were usually taking significant paycuts (30-50%+ cut just for base alone) to join local tech giants or LMM PEs or joining Chinese IBs.
Recent market environment is so bad that these safety pipelines are basically dried out and those survived in banking are working ~40h work week. The market has always been small but all of a sudden the leading BBs sacked more than 100+ people in total.
As someone who is still in IBD hearing rumors circulating in the office about upcoming 2-3 waves of layoffs until 1Q23, I just feel unmotivated and lose energy to work.
There isn't much to do given the lack of deals and it is almost impossible to look for a job anyway. I am not sure how I can adjust my feeling because it could be me tomorrow losing the job and competing with the 100+ layoffs for another IB job.
I felt so unmotivated that I asked myself: even if I survive this wave, what's next? What if the Asia / China economy takes a longer time to recover and there is a 4th / 5th wave of layoffs? What if I survived this turn but in 5-6 years' time another cycle comes and this time I am the more expense VP as "first guy to go"
I feel lost. Unlike Europe/US, exits outside of PE is scarce with heavy paycuts. This industry is too good to stay but also too difficult to stay.
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I struggle with this feeling too - I moved from IB to tech corporate development (before tech started to go downhill). My goal is to give my best effort at work, save money without pinching too many pennies and enjoy life with friends/family. After that, whatever is going to happen is going to happen.
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