Hi I’m a 3rd year analyst at a BB bank in S&T and received a fairly average rating in my annual review this year (probably a bit below average but not necessarily bad). I’m slightly concerned that if my bank decides to start letting people go this year that my name might be on the list.
Is my concern overblown considering my rank etc? Would it be uncommon for a BB investment bank to let someone of analyst rank go? Would it be more common for middle management to be fired?
Hey there! Based on the most helpful WSO content, it's not uncommon for BB banks to lay off employees at various levels, including analysts, especially during downturns or strategic shifts within the firm. Here are a few points to consider:
Performance Reviews: An average or slightly below-average performance review doesn't necessarily put you at the top of the list for layoffs, but it's good to be aware of how your performance is perceived.
Market Conditions: Layoffs can be influenced by broader market conditions. If the bank is underperforming or if there's an economic downturn, layoffs could be more likely.
Analyst Layoffs: While it's more common to hear about middle management being let go due to restructuring, analysts are not immune. There have been instances where analysts were laid off, as seen in the context where Barclays and other banks have had layoffs at the analyst level.
Proactivity: It's wise to be proactive. Consider improving your performance, increasing your network within and outside the bank, and keeping an eye on the job market just in case.
Backup Plan: Having a plan B can be reassuring. Look into opportunities that might interest you, update your resume, and reach out to your network.
Remember, while layoffs can happen, they're not always a reflection of individual performance but sometimes a strategic decision by the bank. Stay sharp, keep networking, and be prepared for any outcome. Keep swinging through the jungle of finance, and you'll land on your feet!
Sources: BB Analyst Impacted By Layoffs - Looking for Insight, Analyst - Laid Off, Leaving My BB, Banking in Israel, William Blair Layoffs?!
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