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.