Laid off from IB with PE offer in hand
As of last week, I was a first year analyst in a coverage group at a "top" BB. I also had an offer for August 2024 at a MF.
Unfortunately, I was laid off last week. Came as a huge shock and was told it was not for performance reasons.
My PE start date isn't for another 18 months. Do I lose the PE offer. What do I do now?
Read the letter (mine stated I have to be employed until a certain date)
Sorry to hear this. What do u think happened?
Get a random job so you are "employed" and don't tell anyone. Show up at the pe job in 18 months and act like nothing happened
Bad idea….
better to ask the PE to use their relationship to find a bank to work at
Have you ever seen this happen?
They're going to find out either way. Just tell them and be honest about it. It was very well publicized so that actually works to your advantage. There's not much else you can do.
damn these banks with their layoffs, kill two jobs per person
underrated comment
Happened to me during Covid layoffs. Told PE firm who said they would keep the offer in place and to find another IB job to fill the 18 months. Assuming your PE firm isn't psycho, they should be understanding given the current environment. Keeping it secret means you will live in a state of fear if they ever find out.
How much time were you given to look? Feel like recruiting for another banking job is much harder now compared to when activity was booming during covid.
They were very hands off but ultimately I got the new banking job at a smaller boutique 2.5 months later which worked fine. It was a weird time as it was still in that peak Covid period where deals had stalled and larger firms were waiting until post-Labor Day, so I had to take what was available at the time. A different period of chaos compared to now though for sure.
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