Just got laid-off

iridescent007's picture
Rank: King Kong | 1,951

Had a call with my Partner/global head of my department and the HR. Got laid-off 5 months into my current job, which is also my first full-time job. Not in banking, but in transaction advisory type of consulting in project finance, think EY TAS but not exactly. My teams leads the PF deal table in transaction support.
Reason for laid-off:
Not due to personal performance since my MD, who also got laid-off, was saying I definitely deserve a promotion at the end-of-year review, or even at the half-year-review. I was just about to lead a small project myself and have one manager level person assisting me.
The company's actual revenue are about 30% below projections, and we cut 50% of people in the NYC office, including my MD, who the company poached a few months earlier.

My experience so far:
1. Exposure to modeling projects. Done two modeling projects, although not on big models.
2. Asset valuation. Just finished a very big portfolio/asset valuation project right before I got laid-off. I am independently responsible for one of the assets in the portfolio we are valuing, and I have obtained very precious project experience on this one, in terms of research, valuation, modeling, communications, report writing, critical thinking (mainly on the disount rate), etc. This would be my most valuable experience/project to talk about.
3. Model audit. I'm at a boutique accounting firm that is similar to Big 4, in the FAS division. We do audits to financial models and therefore, I understand the technical concepts well, at least on the concepts that I've seen so far. I have obtained experience in terms of understanding the transaction structure as well, although maybe not as good as in PE or IB. I'm confident in my technicals.
4. I can speak up in client calls and I communicate directly with Directors, Senior Managers, etc.
5. The clients are all very high-profile like Carlyle/Blackrock/JP/Macquarie/GS, and the projects are in general middle-market transactions with ocassionally some $10bn+ deals. I've worked on one $10bn+ so far, The deal has not been closed yet.
6. I have a 5-month off-cycle equity research internship under my belt at a not very well-known LMM before my current full-time job. That place does not give full-time offers since they were cheap. Do not want to disclose the name.

I'm reaching out to my MD who also got cut today to see if we can meet up in person, ideally he can bring me along with him to the next place he goes to. Graduated from UVa McIntire and will reach out to some alumni in town.
Besides this obvious thing for me to do, I would really, really appreciate anyone's inputs on my current situation, and if your team is hiring an analyst, or even an intern who can become a full-time based on performance, please let me know. I have no problem working 80-90 hours a week and sometimes 100+ if needed since I've done that already on my ER internship (MD constantly publishes reports so worked a lot) and my current job. Doesn't mean I like a sweatshop culture.

Destinations/directions/job functions I'm interested in: IBD, ER, Investment Research, Asset Management, Transaction Advisory, anything. Indifferent to sectors, but if my skills in project finance --- which is very debt-related, my research experience, and my valuation experience could be helpful, please feel free to PM me directly.

Thank you again, WSO.

Comments (25)

Most Helpful
Mar 11, 2020

Still an intern so I don't think I can help much but keep your head up brother

    • 3
Mar 11, 2020

Thanks. EEE or QQQ?

Mar 11, 2020

I play this hybrid style where I start off as quas wex then start leveling exort. Unless your'e not talking about dota hahaha

Mar 11, 2020

UVa presence is pretty good in NYC. Try to send out some emails to them inquiring for positions and/or leads.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

    • 1
Mar 11, 2020

Thank you. My concern is on the coronavirus and the potential impact on business. One alumnus at a top BB told me he expects his group to fire people.
A friend of mine got fired from Guggenheim research last week.

  • VP in IB - Gen
Mar 12, 2020

Is the top BB group just doing this because they do it every year or is it because of the Coronavirus? I don't understand why a slight shift into the bear market and a global pandemic would cause banks to start firing people like crazy. Seriously though. They're not that related if you think about it.

    • 1
Mar 11, 2020

Fuck that's so shitty, I'm so sorry man. Given that it sounds like some BB groups are trimming the fat recently, maybe start cold reaching out to small boutiques? I'm not in the project finance space but I feel like I saw a job at Merit Capital Advisors (???) in NYC not terribly long ago (analyst/associate level I think). I believe they are in the project finance space. They look to be a crazy small shop but that could be a good thing? A lot of boutiques are always keeping an eye out for potential new team members. Wish I had more advice/ideas but hopefully this comment will bump/get more visibility. Godspeed and hope others can chime in

    • 2
Mar 12, 2020

Thanks. I will reach out to this company. It would be frustrating that I was doing deals with a MF a few weeks ago , and now potentially end up at a <10 ppl shop, but right now I'm not in a position to be picky.

Mar 11, 2020

Dang sorry to hear about that. I read Cushman and Wakefield have laid off people as well. Here is the link.

https://www.mpamag.com/commercial/report-significa...

  • Intern in Consulting
Mar 12, 2020

Sounds like PwC to me.. sorry if I'm wrong. Best of luck.

Mar 12, 2020

Not PWC. No need to be sorry haha.

Mar 12, 2020

If anyone's company is looking for an analyst, or even an intern that can potentially become a full-time, please PM me. It doesn't hurt to have a 10-15 minute conversation. Thanks a lot.

    • 1
Mar 12, 2020

https://www.wallstreetoasis.com/jobs/investment-an...
Patrick Curtis just posted this on LinkedIn and thought of you/this post. Worth checking out - mentions having Project Finance experience is plus

    • 1
Mar 12, 2020

Thanks bud/budette.

  • VP in IB - Gen
Mar 13, 2020

FT Partners would be more than happy to take on a lateral analyst like yourself. Just don't mention that you were laid off.

They are always looking for lateral analysts as people leave from there all the time. Just had someone leave last month. You can replace them.

I know it's not some BB but this is IB and you will be on live deals. Please consider. I keep getting emails from AQ Tech Partners that they are looking for an analyst. Also, some EB in the Consumer Tech space.

    • 1
Mar 13, 2020

Thank you for this information sir. Has a friend who left FT last year, might ask for his intro. I actually interviewed for FT a couple years back, but did not get in on-cycle. I know it's a sweatshop but will try again.

Will reach out to AQ as well and check out some EBs

  • Analyst 1 in IB - Gen
Mar 14, 2020

Not really a sweatshop. Firm is making great strides to improve culture, work / life balance and overall enjoyment at the firm.

    • 1
Mar 14, 2020

Are you in NYC? Send me your resume.

Array

    • 1
Mar 14, 2020

Yes. PMed.

Mar 16, 2020

reaching out to some people and got a couple interviews from very small places...not sure if those are solid opportunities and am still in the process. Will keep searching.

Mar 24, 2020
    • 1
Apr 15, 2020

Any banks hiring right now?

Apr 15, 2020
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Apr 15, 2020
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But who's to say what's fair to say and what not to say? Let's ask Dr. Dre