SO BASICALLY... Everybody all my friends from the Class of 2010 (Duke) in IBD has officially been laid off.
Seeing a friend's FB status earlier today that said something like "officially my last day at goldman. it's been a good run new york. shit happens. i'm out" has officially made him the last friend I knew from the class of 2010 who still held onto an invsetment banking job.
I knew about 30+ guys who got jobs in IB, some in bulge brackets, some in boutiques. All class of 2010, a few 2009.
So i'm the only one left (that I know of). YIKES.
all the shit we went through to try to get a career in IB and at the end, to get booted out - NOT WORTH IT.
30+ people? Is this post for real?
strong username is strong
Jesus Christ. Why the fuck am I trying to be a banker then..
Welcome to the club. Only 30% of my analyst class ('09) remains.
Hard to believe. If it's 30+ it would be useful if you tried to give some breakdowns.
30% - unknown. 25% - non-finance grad school
etc...
The class of 2010 and 2009 will be 2 to 3 years into their analyst stint. So you should think about how many of these kids were actually laid off vs. how many left for PE/grad school/etc.
Well, its going to be a shit storm. M&A is at a low. IPOs are on hold. Bonuses are going to suck... Layoffs are coming.
m&a seems to be picking up though - a ton of sellside processes have just launched in the last month or so.
I've been seeing more and more big sellsides run by boutiques (Moelis, Evercore, etc) with a bulge just as co-advisor to provide the staple - this combined with the huge hit in ecm revenues (and horrible trading profits) means I wouldn't be surprised if those guys pay much better bonuses this year
to stay on topic though - analyst programs are rolling off this month. I wouldn't be surprised if many of your friends left on their own because they had something better lined up and weren't laid off
If they were hired as analysts in 2010, they're probably just finishing up their 2 years and peacing out. Nothing unusual, it happens every year.
While this is a smaller sample size, the Arizona State '09-'10 class in IBD (NYC) is still over 90%. Abeit there is only like 15 people scatted at various firms, GS, DB, CS, etc.
I am shocked that ASU managed to send that many people to BB firms in NYC. How did they do this? Did they all graduate from Barrett (the honors program)? ASU is a great school...for parties but is not otherwise known for academic rigor at all. I know a professor at the Carey business school who used to teach at NYU. He said that the student quality at ASU has absolutely nothing on NYU and similar schools. He has to dumb down the curriculum so that the students can actually manage to graduate somehow...once they are done partying and binge drinking that is.
For the record, I LOVE ASU (Go Sun Devils!) and Tempe is a neat college town that I felt right at home in. I have quite a few friends there, thou most of them are in graduate school. Plus their chapter of my old fraternity is fantastic and throws great parties and all. And also the girls are hot and the nice AZ weather allows them to wear revealing outfits all year long. So this is not meant to be put down that fine school.
You realize ASU has 50K students, right?
PetEng - Wrong. Its actually more like 72K students on campus, approximately 8k students in the business school and ~2k finance/accounting/economics majors. On a percentage basis thats less than 0.1% to give perspective. I would totally agree with Brandon's points. The 12-15 that placed did their summer internships and got full-time offers in S&T, M&A, LevFin. A few are associates now, some moved into the buy-side. Again a rare few. Most were in a specialized focused program for IB.
With that said, yes, most of the kids at ASU are complete retards and idiots. They are more likely to be club promoters in Vegas/SD/LA or move back home than do anything in corporate finance (except financial advisory sales). The professor is absolutely correct. But for a small few number of individuals, they have the resource of 72k student university that is really utilized by a hand full of people. Its definitely a social school more focused on partying in Scottsdale on Thurs/Fri/Sat nights than studying. There is no real deep intellectual interest in their majors for the majority. However, the professors are defintiely top notch and world-class. The school is able to lure these guys knowing most want to teach, do research and play golf all year around.
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