Newmark and JLL Analysts Being Laid Off?
Heard through the grapevine that some NGKF and JLL analysts are being laid off and that some of these support functions are being transferred overseas.
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I can confirm that on Tuesday JLL fired ~100 brokers and analysts. This was the second wave of cuts after they let a ton of people go around May.
Wow, do you know what markets?
When I was there, we were already transferring some data analytics and financial analysis to dudes in India. Not surprised this is happening now.
Heard its nationwide. Mainly hear analysts being cut heavily. You are correct, it seems to be a massive transfer of analysts duties to India.
It was across the platform. One person was let go in my office which is in a gateway on the Eastcoast. I heard secondhand that ~10 were cut from the NYC market.
Cuts like this will only continue. You can blame the remote work and WFH phenomenon young analysts and junior employees just "love" these days.
I warned em. Keep talkin that sht about wanting the flexibility of working away from office and employers will just make the remote 2K+ miles away in India / China.
You’re too junior to understand. Unless you’re a revenue generator (which is a junior employee you and most others are not) or federally mandated to exist (think compliance), you are a net cost to the company. Companies are designed to maximize value and unless you provide some sort of edge which the things you listed are not great reasons to overpay by 3X in salary, then it is what it is. At best, your pricing power to demand wages decreases.
i don’t like dialing the phone and hearing a fuckin robot talk to me. I also don’t like dialing a phone and getting IT support from India. 90% of those functions are now done there. Don’t be stagnant and pompous in assuming your role is going to be here when automation + increased globalization is here to stay.
Reminds me of when the checkout cashiers used to say there was a personal touch to having someone check you out at the grocery store
They outsource work to competent people. In my case, the guys who did our analysis in India were sharp dudes with graduate degrees and experience. We would send these guys OM's and they would come back with a full DCF in excel, 100% error-free all the time. We also hooked them up with an Argus license. They learned the software in a work week and can do Argus runs some senior analysts can't. It's not about calling up some random dude in India, they are not supposed to be client facing. These guys aren't taking the "analyst" role you see on LinkedIn. Those will still be available, just not as many compared to the past. The point of the outsourcing is to take all of the typical analyst work off their plate, so they can focus on other tasks for the team. But when you have a whole pool of analysts, and an outsourcing team, you have no need for the entire analyst pool. So instead of 10 analysts, you only need 3. That's the rationale.
It's not black and white because these decisions are well-thought out, usually for months or a year in advance, and a lot of the logistics are behind closed doors that you nor I would be privy to, so it's sensible these types of moves don't make sense on paper. Even when they actually do.
Even in lending I have seen it. My buddy worked at a debt fund in NYC for a year before they started outsourcing and now he's strictly in a producing role, when he only intended to have analyst duties. They told him to put out or get out, so don't think the work you do couldn't be accomplished by someone else in another country.
Just spoke to someone who is interviewing for an Analyst spot in NYC at one of these shops. Was surprised to hear that given the market. However, heavy hitters will want to keep things in house rather than outsource to India. Guess it is team dependent.
It doesn't matter. I know one big east coast group for them and they went from 4 analysts to one. The sole analyst is also cheaper than the other. I'd tell you friend to tread carefully.
Never heard of this happening on the buy side, at least within the investment team. We're outsourcing BO roles like accounting, IT, treasury to cheaper US markets but damn, India/China?! Sounds far fetched now just due to concerns over confidential data. Anyone on buyside seeing jobs being sent to India?
Given that company's share lot more confidential data than a property's rent roll I dont think thats a big deal. I can also confirm an analyst in the midwest was let go. He was the only analyst on his team too. Position outsourced to India. It sucks because even these positions are not safe anymore.
Everyone here needs to go back and read the thread where somebody want to skip the analyst and associate days and become the relationship manager immediately because they are a "people person".
Chadwick Snuffington.
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