2nd Year IBD analyst Laid Off Before Bonuses - how’s recruiting?

Hi guys, I was laid off a few weeks before my 2nd year bonus and have been recruiting for immediate start PE roles since. I come from a good school and group in NYC at a mid BB with decent deal experience, and past PE internship experience which helps. My team had a mass senior exodus concurrent with broader layoffs which was out of my control (non performance layoff).

I'm getting traction in LMM PE in non major cities but struggling to get things going for similar caliber roles I'd get HH inbounds for in the year leading up to my layoff. I've been recruiting for about 2 months and wanted to source some advice and support from the community. I was initially more picky (wanting to stay in NYC, quality brand, etc) but now I'm thinking I should secure something and then work upwards. I'm broadening my start date to summer 2024 as well.

My inbounds are all from headhunters or online postings. Does it make sense to recruit for PE only or should I start focusing on an IB role (then recruit while in the job) even if it's a worse bank / group, and how would i be judged if i took a serious drop in name / role? Is there cold outreach anyone would suggest (to funds that just fundraised for example). I’m comfortable in sales roles too, would anyone recommend bus dev or sourcing roles?

Personally I am OK and I have been staying active / traveling concurrently while recruiting. However my lease will be over soon in NYC and I'll have to move which will make recruiting harder I believe. Any advice and / or suggestions are helpful

 
Most Helpful

You can try for PE but I think LMM PE (in NY or elsewhere) is likely going to be the spot - also look into things like credit, secondaries etc. It's much harder to recruit for quality jobs with no job - people fully understand the mass layoffs right now, but it's just not likely you'll get the same opportunities with a layoff as when you were at a BB.

IB is going to be equally difficult and a downgrade in bank will likely also lead to LMM PE. I wouldn't move over to sales side yet as it will make the path to traditional PE much harder.

Go spend some time in LMM - think you should be able to stay in NY if you really want to. Would try not to take a whole year off as that will create questions down the road. Can use MBA to move upwards or just lateral up.

 

I moved to LMM PE in NYC following a layoff from my bank. I think LMM PE is actually the most receptive to this situation compared to larger funds and most investment banks. The banks are looking to shed employees not hire, and larger funds can be picky and still get great talent. The smaller shops I spoke to while recruiting this winter told me they were opportunistically hiring talent that normally would go to larger funds.

 

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