1st year analyst in a group that might get cut (Might be getting laid off)-- need advice

I'm a 1st year analyst with just under 6 months of experience in a product group, and a lower Tier BB.

I was recently staffed on a project to create the discussion materials for a meeting between our group head and the Global head of I-banking, where our group head is going to explain why the bank shouldn't cut our devision and all of us should keep our jobs.

I really like my team and until recently, we've been very well regarded within our firm and moderately well-regraded across the Street. The reason the bank is considering cutting our group is because of a office politics bull shit and not because we aren't bringing in enough revenue or anything like that.

I've heard that lay-offs happen all the time in banking and that when you have experience and don't require training its not too difficult to find a job at another bank when there are openings. But, as someone who has only been on the job for a few months so has relatively limited experience, I'm starting to get nervous about the prospects of having to look for jobs at other banks.

Sorry for the long, wordy post, but I'd really appreciate any advice that people can provide.

Comments (10)

Oct 15, 2016

What is the group? Can help to know in order to be able to sell experience (even if not much). Also, BB is a good employer name on resume early in career so you're not in as bad a spot as you might think.

Oct 16, 2016

It's a debt-related product. It seems the bank's appetite for risk has dried up.

Oct 15, 2016

Is this DB?

Oct 15, 2016

You're saying a BB is contemplating exiting lev fin?...

Oct 15, 2016

I don't know how serious the thoughts are, but they are serious enough that I'm currently creating discussion materials for the meeting where our group head justifies our existence to the head of the bank.

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Oct 15, 2016

If this did happen, which would be shocking, I'd be surprised if the very junior people weren't farmed to the other teams - although that depends on how busy your bank is. What are its strongest coverage areas?

Oct 15, 2016

Sounds like Wells Fargo to me...

Oct 16, 2016
pcubed:

Sounds like Wells Fargo to me...

Probably Pub fin

Oct 16, 2016

Likely DB. Highly doubt WFS

Oct 16, 2016
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