Layoffs effecting S&T

Pretty much the title. Obviously there are still layoffs happening and headcount reducing, but was wondering is this mainly impacting the M&A teams due to flow, or are S&T teams also having large number of layoffs.

Have an internship I’m hoping to convert in S&T(FICC) and trying to figure out if the conversion might not be too bad since those areas seem to be doing a lot of hiring atm.

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