I've been seeing more and more people being laid off. Two of my buddies, one in Acq and another in bank lending were just let go along with several other people on their team due to lack of deal flow. I was thinking maybe firms were going to start slowly hiring again in 2024, but just from what I have seen and after speaking to recruiters, they are saying its going to get worse.
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It probably will get worse. If regional banks are helped by the FED with new facilities they may be able to extend for longer and stall. Many operators are praying for rate cuts and they as well as the majority of the market thought we were getting massive rate cuts in March-May. Now, with the jobs report and economy looking hot, ( personally I don't think it is) it will be tougher for the fed to cut and to cut as deep if they do cut. This most likely means more and prolonged pain for CRE. Additionally, many other corporations outside of RE are going to have to refinance their corporate debt to a much higher level which most likely means more layoffs in many different industries. We'll see.
What kind of lender were they at? Local/regional bank?
Brokerages trimming the fat. Trying to stay headcount neutral while preparing to bring in new analysts. Underperformers will be out.
Second that. Honestly is nice getting the duds out while things aren’t hectic.
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