Finding a job in PE after getting fired in IB
Hi all,
I have been made redundant (read: fired in 1.5 months) recently in Europe as part of overall restructuring, must say it was quite unexpected in the grand scheme of things. A few months back I was already looking to exit banking but now it seems quite impossible as I believe the layoff looks very bad on my resume.
1. How difficult is it to land a PE job if you get fired from IB?
2. Do headhunters even really put you forward when you are fired?
3. I didn't wok on a lot of mandates this year, 3 buy-sides, and 2 sell-sides. Is this even enough to be considered for any PE role?
4. I assume I lost all my bargaining chips as I won't even get a bonus paid out this year, but happy to hear if there is a way to get pass by this. Understood that even if I take a back office role in the same bank I would be eligible to get paid the bonus I was supposed to get.
I got laid off from a rather emerging PE fund for fundraising reasons in Europe. It's early in the year but getting a lot of interviews so far. Let's see what closes (and when) though. HHs seem to care little about the reason for leaving and are quite willing to place me somewhere again. Although I have many years of relevant experience which probably helps. Be transparent
1. I wouldn't look at it as "landing a PE job when you're fired" it's more about keeping your status undercover and recruiting for the next 2 months as if there is nothing wrong. Most banks will go to bat for you with regard to the background check and embellish your time at the firm so it doesn't look like you were let go.
2. I wouldn't mention this to the headhunter. There's really no need, and since many HH are incompetent and intelligently one dimensional they may take that the wrong way and put you in a different recruiting pile. I
3. Yes, absolutely. You will be tested on one, maybe two maximum out of those five deals. Stay sharp on two of them and you'll be fine. Bonus points if you mention something along the lines of (out of the five transactions I worked on, these two were the most important..."
4. Some banks are offering "strategy" / back-office roles as a way to keep you on payroll, but with a lower salary. And yes, most likely you have lost all bargaining chips to ask for a bonus.
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