Any word on potential IBD layoffs? I saw some comments mentioning that their bank was laying off people, but haven't seen anything on which banks/groups
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You’re going to make me shit my pants
in the same boat bro haha
You might have IBD
Bump
IB revenues down 35 in q1. If it continues would expect some culling of staff.
But that’s relative to last year which was the craziest year we’ve ever seen
Incoming SA and hate seeing these posts - obviously not on the inside but is this a real concern?
I wouldn’t be overly worried as a summer.
As a summer intern it's highly unlikely you'd be impacted by something like this. Banks need the Analyst engine to keep moving to fill Analysts being let go / quitting. And FT Analysts are usually not the hardest hit in terms of layoffs because VP's are much more expensive.
This is a MASSIVE concern. It was a great 13 year bull market but it's time for you all to understand that you want to live a life in the markets, they do go down and you make a lot of money but it comes at a big risk too
before i get massive monkey shit, good friend of mine was merrill IBD in 08. 95% of his analyst class (himself included) was let go subsequent to merger with bofa.
you can't make a lot of money and not take risk with it. i'm happy and thrilled that IBD will now go through an extended downturn. enough with zero interest rates. you had your party it's over now
How are you consistently so insufferable? Surprised you didn’t find a way to let everyone know you worked at goldman.
I think everyone here hopes your specific PE firm has its downturn too, but only yours. Interest rates affect you too.
Because you're entitled. You think life should always be good and that you should always be paid a lot of money and not risk anything and stocks never go down.
I've been laid off plenty of times. Sure I've worked at Goldman and Citadel and now I work with the C-Suite at Goldman and Morgan. I'm in oil and gas and we've had four downturns the last decade.
You'll learn as you get older finance is a cyclical business. But you're an analyst so please shut the fuck up. You don't learn in this business when times are good
we printed a ton of money to get out of covid. bankers gorged themselves on it instead of recognizing that you know it's a fucking plague and there are more important things in the world than deal fees. but nope, they need to make record profits.
so yea, i'm very happy to see them drown now for a while. i thought it was tasteless and classless frankly, and i've never been more ashamed of the greedy / slimy pigs that bankers are. a fucking plague and all they're worried about is cashing out
This is my point, you consistently have the worst things to say on this forum. I said you were insufferable because you objectively are and you responded with 10 paragraphs about how you hate greedy bankers and that we don't deserve anything good to happen to us.
When COVID first happened and incoming interns were worried about their jobs you said that you HOPE they lose their internships. Not that the world owes them nothing and that shitty things happen, you said you HOPE none of them get returns. You have some real mental issues.
On a side note, i'm in a GS TMT/MS M&A group, deal flow has been and always will be good (good is an understatement). I'm learning a lot and have every HH banging down my door. Still doesn't change the fact that you're insufferable.
I agree with your point that younger people, especially investment banking analysts, need to understand that times aren't always good. That said, your posts on this thread are literally just a vomit of negativity with random interjections mentioning who you "work with." Who cares about who you work with? The only thing that matters is who YOU are, not who your colleagues are.
I feel your pain man, everyone hates me too.
In regards to all of your nonsense about working with Goldman and Morgan’s “C-Suite,” I don’t care if your name is Henry Kravis — anyone who actively hopes analysts lose their jobs is messed up. That doesn’t come with experience, it comes with human decency. Sure this may be a cyclical business and frankly it even if every single thing you’ve said is true, to be “happy and thrilled” that a bunch of 20-something’s who have worked their ass off to get where they are and have been working 90 hour weeks will be out of their jobs is just cruel. Get a hobby for god’s sake.
I doubt energy groups will see any layoffs - business is booming.
Lol not true
Lol high hopes you need to get a life. I know you are super pessimistic about energy but doesn’t mean u spread ur frustration to others. I always see you commenting like this on energy comments.
Anyways, my group had a great 2021, and it’s on track for a record 2022 - so there’s no way we have layoffs this year. Hearing similar things across banks.
Cover aerospace and defense in Industrials…I think im going to be fine thanks to Congress likely raising the defense budget every year for the next decade. That being said, heard rumors that ECM may be getting cuts later this year at my BB.
Well obviously Congress is going to raise defense spendings. Lockheed, Raytheon and Boeing just needs to point at Shanghai and say "They're making a CATOBAR carrier the size of a Nimitz class and they're making four more nuclear powered ones in the next 8 years", and you amerifats would probably repeat the Zumwalt (flush half a trillion down the drain for R&D then scrap the project)
Even if there are layoffs, it typically only hits VPs and up.
Rarely do analysts and associates get cut especially if you are at a BB so no real need to worry.
I feel personally attacked. But in all seriousness, I had to average 16 hours a day Monday to Friday this week so if they’re going to lay me off, it’s going to be a pretty fun ride for them.
How about a small Private Company M&A Group at a ECM focused boutique? Oh I forgot, that also focuses on small and microcap stocks lol!!! Looks like I will be playing golf all summer at this rate....
doubt analysts would get cut, we are literally cheap labor for banks lol
Analysts/associates are safe unless there's a 2008 type crash - their salaries are pennies on the dollar for banks. VPs are first to go in layoffs.
Also, given how hard it was last year (and still is) for banks to hire, highly doubt you will see them cutting people en masse because of 1 slow quarter (compared to a record 1Q last year). It would take them 3 quarters to staff back up.. everyone needs to take a breather
Paying juniors 200k+ is pennies on the dollar?
Citi made 7.5bn+ in IB fees last year... say you have ~700 analysts and associates making average of $400k (both high estimates) that is $300 million of comp versus nearly $8bn in revenue
Point is the fees generated per dollar paid to IB analysts/associates is way above their high salaries, the VPs aren't about to start making PPTs or modeling so $200k is still cheap given how much in fees juniors work generates
Would EBs or BB start cutting people first?
Bump
Probably EBs - BBs have a lot more fee opportunities even during crises while EBs are super dependent only advisory fees.
.
My group is looking to hire 7-10 juniors - it doesn’t affect analysts and associates
PM me - looking for work.
PM me as well. Also looking for work!
Delete
If bankers are working 80 hours a week, then deal flow should drop by 50% (and hours to 40 per week) before you start having underutilized employees. At least that's how some layoffs occur outside of banking. Guess in banking you either get worked to the bone or thrown to the wolves.
Hours don’t just decrease because deal flow is down, your time is replaced with pitching at least at most BBs
Dude layoffs aren't going to happen overnight lol everyone needs to chill. Next round of consumer data comes out April 29th for March. We also have the travel months coming around and a bent out pent up consumer from the last 2 years. These are strange times. Just buckle up and ride it out
NOT IN APAC
APAC will be a shit show
If you work in Deutsche, probably yea
Oh man - feel like the constant recruiter emails/linkedin messages have got us fat and happy. Think I'll go watch the start of Margin Call, put the fear back in me.
It's streaming on all major platforms - if that's not a sign, I don't know what is.
I remember last year (or in 2020) I had to do a free trial on Prime for some channel to watch it. Now even Netflix has it.
RIP bloated ECM teams
I've seen some layoffs recently at fairly senior levels (VP and up), but I don't think analysts have anything to worry about-- turnover remains high among analysts and there will always be a need for bodies
if anything, it'll be ECM.
i'm in M&A and it's been stuffed with deal flow and pitching
Citi is going to start cutting in capital markets (DCM and ECM). It'll spread from there for shops that are underperforming.
Non-B/S firms that are still doing well like Evercore, HL, RJ, Lincoln (intentionally using a broad definition of non balance sheet firms that from my understanding are doing well) are probably the safest spots to be right now. However, if there is a more significant downturn, that will invert quickly and large BB firms will become the safest places to be due to their ability to finance deals.
Is this confirmed/ have a directional date?
It is confirmed, and it has started this week.
Source: https://www.efinancialcareers.com/news/2022/04/citi-job-cuts
I hope not… i just joined investment banking after 3 years as a big 4 consultant!
As an analyst that starts FT now in summer in S&T I can confidently say this thread has made me shit my pants.
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