One of mba classmate recently got laid off from EB after less than 1.5 years on the job. Also saw some threads from last year on EB layoffs.
Leaving industry cycles aside, are layoffs at junior levels more common at EBs than BBs?
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No. If anything, the inverse has been historically more true. The Evercore, etc. layoffs just got more press because they were an aberration. The BBs fire that % every year.
Which one?? Not like it’s a big deal to tell, he’s already fired.
Interesting. Always thought EBs were more aggressive on hiring/firing given their extra focus on being lean
EBs can seem like they fire "alot" of ppl but it can be just that they can see who is underperforming / slacking easier than a BB. When an analyst / associate class is big, the staffer cannot track everybody's workload, but at an EB, it is comparably much easier therefore they can definitely see who is pulling their weight and who is slacking their ass off. At least that is my theory.
Idk a lot of EBs are generalist vs grouped therefore a staffer has 50 people vs 15 at BBs
This is true - I was mainly talking about the team members as usually the deal teams don't change too much and they really get to know how you perform vs. BB where you get to work with new associates every other week (though not too sure, just my thoughts) Might be because im not in NYC as well.
My sense having worked at both is that layoffs are more consistent / scheduled at BBs. It feels like BBs have an annual / biannual round
Would say that we haven’t really seen a full market cycle since when the EBs became a critical force, so would wait to judge
On a different note, struggling to understand why analysts would prefer EBs when EBs are much less recognized outside of finance and much harder to slack off (why would anyone want to join a ~lean~ team as an analyst, like why would more work be a perk…)
Generally EBs are known to pay above street as a way of attracting talent and certain EBs have garnered a strong reputation for PE recruiting.
If an EB doesn’t offer either, there is really no reason to chose them over a BB because, as you said, you will be working more with less support (lean teams, little to no supporting teams like a printing team etc.)
Higher pay, higher responsibilities if you perform well, easy to build social capital rapidly, higher chance of quicker promotion if you do well, etc. Buy-side recruiting also does really well so there's that. I like the EB culture as it is more "tight-knit" and lean so you really get to know people well (only few months in and am really close to my team and my director and he will definitely support me during bonus time)
Though one downside is potential longer hours due to leanness and they can see you slacking off / performing badly compared to BB (though not too sure on the latter)
I rarely work past 80 hours at my EB, pretty sweet gig.
Which one?
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