Blair Cutting Significantly

Does anyone know numbers and split by geography as well as expected level?

Confirmed from flat mate who used to work there that significant cuts are occurring.

Anyone any other updates on other MMs e.g. Lincoln, Stifel, Baird, HW, Stephens?

Comments (101)

Most Helpful
  • Analyst 1 in IB - Ind
May 20, 2020

Lincoln has mentioned that they are hoping to expand during this time, rather than make cuts. They made a similar move in 08 and it helped them gain market share after the recession.

I've heard Houlihan is looking to do the same.

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  • Summer Associate in IB - Gen
May 20, 2020

Can also confirm this from a source who will be there this summer. Said they had a town hall with the North Am CEO and HR last Friday - overall seemed like they're staying opportunistic with a solid plan to execute.

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  • Analyst 1 in IB - Ind
May 20, 2020

This is correct.

  • Analyst 2 in IB - Ind
May 21, 2020

Lincoln or Houlihan?

May 21, 2020

I've also heard HL is actively hiring.

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  • Intern in IB-M&A
May 21, 2020

HL is actively hiring for RX, definitely not for M&A. They can probably avoid layoffs based on the RX revenue and moving some M&A people over to the RX side side of things, but they are a pretty unique MM bank with their great RX, most other MM shops only do M&A.

  • Associate 1 in IB - Ind
May 20, 2020

Can anyone comment on RBC?

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    • 3
May 20, 2020

Not letting me reply to the comment above but I have heard from a close friend who works at RBC that they are committed to not laying people off for the rest of 2020.

    • 3
May 21, 2020

January 2, 2021

    • 4
May 21, 2020

Entourage is timeless

Few players recall big pots they have won, strange as it seems, but every player can remember with remarkable accuracy the outstanding tough beats of his career.

  • Associate 2 in IB - Ind
May 20, 2020

We really think other middle market firms will be looking to expand with similar models to Blair? C'mon.

  • Associate 3 in IB - Gen
May 20, 2020

Confirmed zero COVID layoff at RBC this year as per senior management. That said, I would really try to make sure I'm at mid bucket or above at whichever bank I am to stay safe.

Funniest
  • Associate 2 in IB - Ind
May 20, 2020

Thread about WB layoffs gets turned into a RBC thread. Nice.

RBC a BB?

    • 24
May 20, 2020

I can't reply to anyone anymore but I must say that some banks will rise and otehrs will cut back. I wonder how Baird is doing as Blair and Baird are competors.

I think you know what I am doing.

May 20, 2020

"Competors" really? Pls fix

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    • 2
May 21, 2020

If you said this to me in the office as an intern, I would say this to everyone in the office whenever I get a chance such that everyone would know and you wouldn't get an offer.

Act at least somewhat professional pls. This joke is getting a little too old, intern.

I think you know what I am doing.

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  • Associate 2 in IB - Ind
May 20, 2020

They all run vary similar models. If one falters, the others will surely falter too.

May 20, 2020

I can't reply to anyone anymore but couldn't other banks just take analysts from Blair if they are cutting? I hope some deals are still going right now...

I think you know what I am doing.

May 20, 2020

My dude, Blair is one of best in the middle market. If they're truly struggling, they're not alone.

May 20, 2020

I can't reply to anyone anymore but ok, you're right I see your point.

I think you know what I am doing.

  • Managing Director in IB - Ind
May 20, 2020

"Significantly" being less than 10% of IB headcount when firm typically counsels out 3-5% at this time due to performance issues, as is the case with most banks.

    • 2
May 21, 2020

Have heard closer to double this figure; is this confirmed?

Array

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  • Analyst 2 in IB - Ind
May 20, 2020

Posted this in another thread but heard similar. Cuts across the board at all levels including partner. This is after they apparently cut stub bonuses, pushed interns to virtual and FT to September. Does not sound good

May 20, 2020

Cut stub to what exactly?

  • Associate 2 in IB - Ind
May 21, 2020

Didn't cut 1st year stub bonuses. They used to pay 3rd year analysts a mid-year advance on their full-year bonuses to incentivize sticking around which has been cut. This was basically to get an extra half year of work out of analysts exiting to PE.

May 20, 2020

10% isn't that much but still somewhat a lot. WB is a solid top tier IB. If they're getting so crushed, I truly worry about the condition of other banks. Big banks have said they won't fire anyone this year, but seeing as how other banks are doing it, if big banks keep their promise, I would expect 10% of all staff to be laid off on January 1, 2021.

Guys, if you're thinking about leaving IB, now is the time to leave. There is really no point in staying until next bonus because that's going to be $10-20K max for analysts.

I think you know what I am doing.

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    • 2
May 21, 2020

$10-20k is more than $0k

Array

May 21, 2020

Yes, but should you really stay just for such little money? I can make $100K if you give me a year and $75K.

I think you know what I am doing.

    • 1
  • Prospect in Other
May 20, 2020

Didn't they give auto return offers for all interns summer 2020?

  • Intern in IB-M&A
May 20, 2020

Yeah why would they be giving auto returns while also cutting significantly?

  • Intern in IB - Gen
May 20, 2020

To cut the bottom employees and invest in junior talent, which they already hired for internships

    • 3
May 21, 2020

There is a 1 year lag between interns with return offers joining and current analysts/employees.

  • Intern in IB-M&A
May 20, 2020

i know blair is very proud of the fact that they expanded headcount during 08 recession (they gloated about this during an interview I had), so seems odd they would cut headcount now? Certainly doesn't bode well for lower tier MM players like Piper, Cantor, etc because Blair is a leader in the space, are a private partnership (not public so less shareholder pressure), and solid PWM business to keep the lights on. Just means things are going to be really ugly for purely M&A shops

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  • Associate 2 in IB - Gen
May 21, 2020

Guys - M&A fees are going to be down ~50% this year. Capital Markets related fees are going to be down ~25-33% this year. BB and MM banks are notorious for over hiring and over firing. And promises like "no covid related firings" are worth literally nothing.

With all that said, yes, there will obviously be significant layoffs this year and places like Blair will obviously be hurt we just won't know the extent for a few months, at the earliest.

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  • Intern in IB - Gen
May 21, 2020

.

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  • Analyst 3+ in HF - Other
May 21, 2020
Associate 2 in IB - Gen:

Guys - M&A fees are going to be down ~50% this year. Capital Markets related fees are going to be down ~25-33% this year. BB and MM banks are notorious for over hiring and over firing. And promises like "no covid related firings" are worth literally nothing.

With all that said, yes, there will obviously be significant layoffs this year and places like Blair will obviously be hurt we just won't know the extent for a few months, at the earliest.

Nobody has really said no covid firings, they've mostly said none in 2020, because the PR optics of that would be terrible. Which means Jan 2nd is going to be a bloodbath.

    • 1
May 21, 2020

January 2nd is a Saturday..

    • 3
    • 1
May 21, 2020

Why not January 1st?

I think you know what I am doing.

  • Intern in IB-M&A
May 21, 2020

Are analysts included in this headcount reduction. And is it typically bottom bucket analysts only or is everyone at risk?

  • Associate 2 in IB - Gen
May 21, 2020
Intern in IB-M&A:

Are analysts included in this headcount reduction. And is it typically bottom bucket analysts only or is everyone at risk?

Analysts get included, but usually far less of then than others. First people to go in a headcount reduction are low performing mid levels. You get your most bang for your buck as VPs / Directors are execution roles (and execution is down ~50%) and they make 4-5x an analyst. Then the non performing seniors (an MD who doesn't bring in revenue is basically on welfare). Then it gets to the people who actually do the work (I.e Analysts and Associates).

    • 2
May 21, 2020

You are retarded if you geniunely believe anyone that says your job is safe and they're committed to not firing anyone

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  • Intern in IB - Gen
May 21, 2020

If anyone has additional color it would be much appreciated. Concerned about entry (Analyst/Assoc) roles.

    • 1
May 21, 2020

i thought this was a post about Tony Blair getting shredded

    • 1
May 21, 2020
littleDidHeKnow:

i thought this was a post about Tony Blair getting shredded

Nice

May 21, 2020

Jersey City ops here you all come.

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  • Works at JP Morgan Securities
May 22, 2020

Yea I find it really weird no layoffs. I guess the optics would be bad. Curious to see how this changes around September, when stimulus wears off and programs such as PPP are totally done.

May 22, 2020

They still won't lay people off because of their promise. Now it's even worse optics to fire people when they said they wouldn't.

what if the second stimulus is passed? Then, we should be fine.

I think you know what I am doing.

  • Works at JP Morgan Securities
May 22, 2020

Yes. Really weird they make promises. Saw BofA clearly state no Covid related layoffs. I wouldn't hold your breath on the second stimulus. Senate is not going to pass anything unless its a much more scaled down stimulus, but nothing near the first round. The Repubs dont want it. 2021 will be interesting. Everyone talking about a V shaped recovery at this point.

  • Intern in IB-M&A
May 22, 2020

if you were theoretically an incoming FT analyst, would you be worried? we got pushed back a few months which isn't a big deal, but this is obviously more concerning.

  • Associate 1 in IB - Gen
May 22, 2020

Blair is not "cutting". Parting ways with underperformers. Happens every year, not just axing folks. Don't live life in the bottom 5%.

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  • Analyst 2 in IB - Ind
May 24, 2020
Comment
  • Associate 2 in IB - Ind
May 24, 2020
  • Analyst 2 in IB - Ind
May 24, 2020