Anyone's firm laying off?
Starting to see some firms layoff. My firm let go of quite a few people. How is everyone else faring?
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None yet at mine (50B+ AUM) but have been wondering where other firms stand with headcount these days.
Yes, former ES employee here. Was laid off this morning.
Sorry to hear that. Having ES on the resume won’t hurt you though whenever the market picks back up.
Sorry to hear that dude, no doubt you'll bounce back. What office were you working out of?
Sorry about that. What was the reason in your case?
department and YOE? I know of a good opp in lending, needs 7-10 years YOE though. Or commensurate.
What is the profile of your company? No layoffs on my end (instiutional repe)
No one laid off, actually hiring a junior employee right now.
Hi, I got laid off in December and have been looking ever since. 1.5 years banking 1 year debt fund. Can I PM you?
Debt fund laid off right now? Why?
Select leaders and go direct to firms you are interested in websites. A lot more jobs open on the careers tab than what makes its way to LinkedIn and Select Leaders. Also join the Collegiate Real Estate Network on LinkedIn.
My firm laid off 5... a little less than 20% of our workforce (<$1B AUM) a month ago. But that'll keep us solvent for at least the next several years.
REPE at a $300B+ asset manager - no layoffs yet (few people were let go recently but think those were just low performers)
Ares?
Not sure about OP, but the ones i know of above that threshold haven't had any broad-based layoffs in their RE teams: blackstone, brookfield, apollo, KKR, carlyle, ares, pimco, etc. Maybe exception would be GSAM, but those layoffs are across all of GS
How much are your firms giving as severance? I remember during Covid it was like 2 months + a week for each year of service. Pretty freaking brutal
To be fair, in Covid, the enhanced unemployment was pretty sweet. I mean I get that it was like $40-$50K, which is still less than whatever the salary was, but atleast people made enough to pay the rent and eat food. Bonus was that they also exempted it from federal tax, so it was like making close to $65K.
interesting, didn't know that
I was given 0
Our firm laid off in Q4. Was about 20% of our CRE group.
Wow what industry?
Former company I worked for laid off about 7-10 people, I don't know the exact number but it was about 10-15% of the company, happened about a month ago.
Been laid off for a month, not sure exactly when I'm going back. Hopefully things ramp up in spring/summer. What's to blame? The outrageous post-pandemic hiring?
No, the RE industry didn't ramp like the tech industry did. It's mainly that we had a decade of close to zero rates. All these firms hired steadily over the years and RE became a much bigger piece. Now that's changing.
Seeing some ramp up in acq/dev roles in NYC. A lot of established shops, but then others just hiring interns and not full time. It's definitely tough, historic firms like Fisher Brothers is hiring for an acq/dev role.
Was laid off about 3 weeks ago along with ~25 other folks across all teams (~$5B AUM). I was on the capital raising/IR/cap mkts team and wasn't doing any deals (no one wants to invest money in San Francisco); spent all of 2022 restructuring facilities and once we finalized the last facility we were all let go, right before bonuses were paid out.. I had already been looking pretty aggressively so am deep in the process with two firms but have had to really work hard to find good firms that are hiring.
Wow that’s pretty crappy.
i was an acq analyst with a small residential REPE firm ($500m AUM) for most of 2022. I got my prorated bonus in December, granted it was disappointing, and then laid-off with 1 month’s severance in January.
I’m in the late rounds with a large multi family REIT, but other than that I haven’t had much traction. Only about a month into my layoff though.
We are full steam ahead. People are getting raises. No talk of layoffs.
What industry? I'm either seeing firms layoff or keep pay flat.
Multifamily development. Don’t listen to the doom porn. (Unless you’re an office landlord)
Same here. The team was paid over their target bonuses and just hired someone this week.
What sector/role?
People are getting laid off and I decided it's a good time to demand a fat raise. My mental illness knows no bounds.
Haha and I demanded to switch departments internally. Love to see it.
Gigachad
I'm at a bank and we had layoffs. Originators, underwriters, asset managers, and special asset people on the balance sheet side were impacted. Agency had some lay offs as well but not entirely sure to the extent besides a junior person.
Surprised to hear the asset management side was impacted as that's usually where you have more work during these periods.
Was this a recent bank that underwent M&A? Those are the only SAG teams I’m hearing getting thinned out.
No
UMM developer/REPE, we have a very lean team and are actually in talks to expand right now.
Laid off in March 2023 along with 5% of the workforce. Healthcare reit struggling esp seniors portfolio. Toronto
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