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Keep going and find out.
I'll assume you were laid off due to broader layoffs and you had solid rating?
Yes, I was well received in the group but technically they refused to give me an actual reason with the layoff other than “corporate restructuring”
What would your advice be in terms of “keep going and find out”
What should my next steps be and what should I be doing right now? The IB lateral market is essentially nonexistent at the analyst level
Just keep interviewing (unless they've rejected you already) in the PE processes.
Also consider MM / LMM (I know not what you want) - but anything is better than nothing.
I think main thing is being able to get a reference from your previous shop, and it sounds like nothing to do with your performance. Can you point to bonus to support your good rating? That will help too.
I haven't been in this situation, but I would think you should go to another bank for a year then --> PE can definitely happen. Or maybe you can just go to PE now, who knows.
In a similar situation, got laid off earlier in the year but was able to find a job at an UMM bank from a BB. Will I still be able to go to a MF / UMM fund for this on cycle?
Do I need to explain the layoff?
Headhunters have a policy that they cannot put forward people who got fired. Know this applied for some MFs 100%
Does being laid off due to the market conditions count (not performance related)? Additionally, I was on a notice period when I accepted my new role, no there isn’t a trace of me being laid off legally. Does that change the HH policy?
They don't really care, I know people who got fired due to market conditions at places like MS / GS but HH cannot recommend them to MF. Imagine a HH going to a principal at KKR with someone that got fired. The first thing the principal is going to ask himself is, why would I hire this person? Unless every single person that got fired from your firm, then you will be at a huge disadvantage. I cannot speak about your specific case, but the people I know that got fired at GS / MS were not top-bucket if I can phrase it like that.
If I were you, I would honestly keep it as lowkey as possible. The issue is, unless you were at CS, they are going to do a background check and call your old team, and if a convo comes up and you haven't been upfront about firing, then you might lose your offer.
Realistically, the best thing you can do, is ask HH of UM / MF you are interested of and tell them about your situation. Majority will play it nice and say there is no issue, but they will never bring you a tier-1 mandate.
This is just my $0.02.
I’m in the same boat and having a HH call on Friday to discuss options to recruit with the offers I currently have. Will post here after.
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