I will be graduating this year (May 2020) and working at a supermajor in their trading program. I was wondering, with how low oil is plus covid, if there is a strong possibility of layoffs having my offer rescinded. The CEO (yea gives away the firm) said there wont be layoffs for 3 months...which is around when I would start. How would you reccomend I navigate this?
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Keep networking with everyone at every firm everywhere and hope for the best, no matter what. That's what I'd do personally; hope that you'll keep your job, but set yourself up as if you've already lost it.
I'm in a similar position in a different program. My view is that if one of the big guys cancel their program, there's no chance you're getting another entry level role anyway. I imagine it's also a terrible time to network with oil traders. So I'm just sitting tight and spending my time on other things.
On another thought, you could network for jobs outside of the industry though...
If anything that's what I was going to do. With only 5 programs, there aren't really opportunities available anymore.
It depends on the type of desk, but most are doing just fine. Commodity marketing diversifies the larger business during these times.
I know the firm you are referring to and several ppl who work there. Right now you are probably ok for the time being. I'm not going to lie to you, you are joining the biz in a rough part of the commodity cycle this means lower forward opportunities (desk expansion, new biz opps, etc.) Depending on which office you are in (the cold one or the warm one) will determine which commods you could rotate through. Different commodities will be hit by this differently. There really isn't anything you can do other than be mentally prepared and try to save $$$. Welcome to the biz!
Thanks. A pay cut is fine, I was thinking if it was time to reach out the other industries/firms before I get cut. I'll be starting in the warm place and heard that natural gas wasnt hit as hard so that's a plus.
Thanks. A pay cut is fine, I was thinking if it was time to reach out the other industries/firms before I get cut. I'll be starting in the warm place and heard that natural gas wasnt hit as hard so that's a plus.
The big question with natty is: will oil wells get shut in? Lots of associated gas coming out that is uneconomic (gas wise). Crude shut in -> less associated gas production -> gas lift off (?). Will also do some interesting things to basis as well
So what about Trump's tweet just now?
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