While I'm about to transition into IB this summer, a family friend of mine who was a 3rd yr associate (Top 10 MBA) in RE IB coverage at a BB in NY was laid off early Sept and it's now about to be Feb and he still hasn't been able to get an offer anywhere. For obvious reasons, he hasn't told recruiters or wherever he's interviewing at that he's been laid off.
He has interviewed some but these jobs aren't even banking; they're corporate dev and consulting. And not even in NY; all interest in him has been outside of NY.
Why aren't banks interviewing him?
Granted he wasn't top bucket and the writing was on the wall when he was passed over for VP but I thought he would get more opportunity in NY with other banks once he puts his name and experience out there. I'm just surprised how a senior associate at a top BB from a top MBA program has such a hard time getting hired somewhere else.
How screwed is are IB associates once they get laid off?
What have you noticed from associate colleagues that have been laid off? Did they land at another bank quickly or did they also languish in purgatory until landing a job that's not even banking and a major step down pay?