I'm doing a cynicism check.
My experience is broadly that employers - esp. investment banks - are deeply disloyal.
And I'm not sure they really deserve much loyalty from employees.
Now, I get that in a downturn, companies need to cut costs to stay afloat, and hey, that's just business.
What I'm talking about is the fairly arbitrary duche-baggery that I'm talking about.
- friend of mine was an ED at a bulge bracket in TMT, and worked for them for years making a lot of money for the bank during the big Asia telecom boom. The BB decided TMT was slowing down, and so they wanted to focus more on power/O&G. So they fired the whole TMT group, and that same day put out adverts for hiring power/O&G bankers. As an ED, he wasn't a deal-generator, he was execution. It would have taken him and his colleagues a few days to figure out how the industry dynamics work and how to model power deals. Doesn't seem necessary to cut the whole team that had been making you money during the bull run. Punchline is the BB then realized they still needed a TMT team and a year later tried hiring the guys back and hired others to help in rebuilding the team.
- big regional name decided they wanted to enter the Hong Kong market. They hired hundreds of bankers, paying top salaries and guaranteed bonuses. 12 months later, realized their business wasn't really taking off. Fired everyone and shut the whole shop.
- ranked all the associates in training and cut the bottom 1/4 of the class right after training