Anyone worried about getting laid off?
Title says it all. Would be interesting to get a poll going including firm size (bb/mm/etc) and sector.
Title says it all. Would be interesting to get a poll going including firm size (bb/mm/etc) and sector.
Career Resources
Nope, but no firm had a good year
I work in restructuring, so no.
Nah, just worry about getting laid.
And paid.
Read this title as "Anyone Worried About Getting Laid Often"...
Would probably be more worried if I were a VP or something more mid-level than a mere associate.
this.
Agreed. If a recession is somewhere in the next 1 -3 years then an expensive VP or low revenue generating Director would be a bad spot to be in. Analysts / associates are generally protected and can ride up the wave post-contraction once they hit VP when business expands again.
From someone who has been through a couple of downturns. That comment is absolutely bull shit - it's a numbers game not a money game. Analysts and associates are at high risk of getting let go. VPs who have been with the firm for a few years even if underperforming are in a much better position. Truth.
1-3 years? I'm guessing you've never worked in a down market...
What is driving the worry?
Username checks out.
I’ll add my $0.02...
The experience in my firm (MM) has very much been a safe one for associates/senior associates and not a very safe one for senior analysts. If you are an analyst who is not performing well and not a go-to guy in the space you should be pretty damn afraid of getting laid off eventually in this environment. Obvious exceptions are: 1) mediocre analysts who are tied to a lot of banking revenue so the coverage is necessary, and 2) newly minted associate-analysts/analysts who are still ramping up.
I’d be worried about getting laid off as a junior associate working under a weak / low-rev director, VP, etc.
If a lead analyst leaves or gets laid off, what happens to the junior associate below them?
I would guess in a rough economy, you might give the junior guy the boot too.
I can only speak for what I’ve seen at my bank, but when this happens, the associate (assuming they don’t suck) is given the opportunity to switch to another team. Turnover is generally high enough that there will always be at least one associate spot open to move to. That’s current environment though. If things get worse like in a recession, companies may not be as nice about it...
What kind of severance would be typical if somebody at the associate were to be cut for something non performance related, like an analyst leaving or a firm making cuts? Anything at all?
Two weeks pay? Maybe four.
If it is the first round of cuts folks tend to get more 4-8 weeks in a BB and 2-4 weeks in smaller banks. If the bank does subsequent rounds, it gets much shorter. Saw this happen in '08 & '11.
Your in the world of high performance finance. That's the worst thing that could happen. But then it again it is a bare minimum of the level of existence you should be maintaining.
Don't feel bad if you as well. Every other sector is literally a step down - so enjoy the ups and downs and if it goes bad - at least you would have given it your best shot.
Caution to the wind - don't even think about this again please!!!!!!!!
[Double post]
Nah
Not really. My review is due for this month and I have already been told how my workload will increase throughout 2019. Unless they're slow rolling me, I think I should be fine. Also my team has been solid this year compared to others at the firm.
My impression though was that BBs already started shrinking their summer intern class, so in terms of any upcoming lay-off, if there is one, mid-level ppl would be more at risk since at the junior level it has already taken place effectively.
I'd actually welcome it at this point.
Yes. BB (EB) group did less than $1mm in trading rev, less than $1mm in IB rev during the peak last year. Moving to another BB in another vertical that did $8mm in trading rev last year, and ~that for IB revs. Feels much safer. Verticals at some of the energy ER shops have been laid off in the last 2 months. Signal.
Which energy verticals?
Careful comparing IB revenues b/t shops - I'd risk ECM IB fees more than M&A and structured deal revenue in this market. You want a shop with solid deal flow and working on complex transaction supporting ER, not a shop that leans on the Balance Sheet. A banking good team always gets a piece of the ECM business when its there, but not vice versa....
Nope. As long as you are on the buy-side you're probably ok. Can't say the same for those who work in sell-side BB roles,
Nope. Being worried is the first step to panic attacks. Moreover, why to be worried if I am not a Deutsche Bank trading analyst.
Ask yourself "am I adding value to the firm?" and "am I irreplaceable?"
If your answer is no, then you should always have the thought in the back of your head and use it as motivation to work hard so that the answer becomes yes.
Hey guys, so I’ve purchased the Invest Like The Street Analyst Program, but haven’t started it yet because I was busy with school and work. I’ve decided that I do not want to pursue a career with anything that the course teaches.
Because of this, I’m offering to sell this course to someone that could benefit from completing it, which would increase their chances of landing their dream internship/dream job.
The course has not been started yet. I’ve erased my name from all things associated with the course, so you can input your name under the user of the course.
It has great reviews, and goes over essential topics for anyone looking to get a job in financial services. Heavy financial modeling, which is great. It counts as experience too, so you can put it on your resume, and will make you stand out from other candidates that don’t have this experience.
The original price of this course is $1,000. But I’m offering $600. Would anyone like to buy this off me?
MM ER Associate: no, but just because the sector I cover happens to be one that my firm has a lot of banking relationships in... plus it’s a consumer cyclical sector which attracts hedgie interest, especially late in the cycle.
Neque excepturi doloribus quisquam vel. Ullam quas nihil quasi. Quis numquam vel dolorum minus suscipit ut quos eos.
Aut perferendis sit repudiandae ut quia. Qui ea delectus perferendis amet. Eius veritatis dolor fugit eos facilis ut esse quam. Reprehenderit omnis laudantium eligendi blanditiis temporibus sint unde.
Minus debitis aut voluptates dolor cupiditate voluptatem. Cumque in earum minus et veritatis. Non quasi aut ratione voluptatem minus ullam nihil inventore.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Eligendi qui esse dignissimos. Dolorem corporis ullam ea rerum dolorem. Est qui dolorem dolores consequatur est ullam.
Alias itaque veritatis nam quas at eum magnam dicta. Velit magnam voluptatem eveniet quasi error. Enim amet qui nisi praesentium velit quod. Quaerat magnam aut placeat et minus dolorem sint quaerat. Et omnis nesciunt voluptas repudiandae dolorem dolores ipsam.
Deserunt possimus atque alias consequuntur asperiores non suscipit. Qui illo facilis maxime illum distinctio in quod. Quo temporibus consequatur itaque reprehenderit voluptatem.