Laid off today. Seeking advice and help

I was laid off by my firm today, after 14 months working here. My boss's boss told me that the firm hasn't closed any big deal since I joined and needs to cut down expense. Given I am the only analyst in the firm and they didn't have such a position before, they think it's best for the firm to go forward without a junior position.

I was really excited when I was given the opportunity to intern there. I worked as hard as I could to convince them that I can add value as an analyst. I was so excited to receive the offer after the 2 months, especially since they only had 5 people on the banking side. I tried to continue giving it my best effort. We had 2 very good opportunities to close a ~200M deal, but both times the other side backed out at the last minute. Partly because of this, work got really slow earlier this year and today this happened.

I know that I need to pull myself together and start looking for new opportunity right away. My fiancee is currently a first year Law school student in NYC. She gave up many opportunities to stay together with me in NYC, including a top 3 law school in other states. She needs my support the most now, and I cannot leave her here. Yet I am afraid that I may have to if I cannot find a job soon enough. I know this is an important turning point for me, and I hope to make the best of it. I will really appreciate any advice or help you guys can give me.

Sincerely,
Lynd2s

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Comments (37)

Best Response
Mar 29, 2013 - 12:31am

Very sorry to hear about that man that's awful. On the flip side, this is certainly something you can recover from, as always a man is defined by what he can come back from. With that said here are some good steps.

1. Knowing you have a positive vibe with your previous employer immediately contact them and as for A) referrals, B) keep an eye out for other job openings and C) of course any feedback on your performance.
2. Once you know you have a positive recommendation locked in, start applying immediately, use Linked in. Here are the linked in step by step.

Step 1: Upgrade to business plus account for the time being. You are basically paying $5 to immediately get access to possible employers. It's like a free informal interview.
Step 2: Make sure your profile is professionalized. 1) wso/">suit and tie photo, 2) make your highlights heard in your case without any info "worked on lean deal team sole analyst on team of X resulted in XXX performance". (assuming you know the drill).
Step 3: Narrow your scope. Not sure which space you worked in but an example would be. 1) healthcare banking, 2) health care research and 3) healthcare corp dev. Get as niche and narrow as possible relative to your experience and then... reach out to managers. Do not reach out to CEO's of course. Look for project managers, Vice Presidents (finance) and even some major HR people.
Step 4: Begin the cold intro. Keep it short.

"Hi my name is Lynd2 and I previously worked at XYZ bank doing XYZ and YXZ tasks. Given my previous experience in XXX and XXX I believe I could be a good fit with your organization. In particular I am interested in your company because of XX, XX ,XX. If possible I would like to set up a quick phone conversation regarding any openings you may have at your earliest convenience."
Step 5: Talk with them on the phone, do your best to sell yourself. Remember the rules of "you're selling them on what you can add" I would phrase conversations in a way on what you can bring to them to immediately add value.
Step 6: Interview as usual.

Now lets move on to the shotgun approach.

1. Doostang and Indeed. Again for doostang simply pay for the next 2-3 months to get premium service. Massive blast out of resume to any and all positions you would be interested in. Make sure your resume is IRON clad strong. No errors not even a comma, feel free to send over to us or load up on here and will look at it for the price of **free**.
2. Go through your career center from your old school, this is a huge hailmary, but at the end of the day there are sometimes some good jobs in there that are not listed on Doostang, Indeed etc. You email the VP/manager direct on Linked-in and phrase your message to them to direct to that spot.

I think that covers the basics but feel free to ask away if you have questions, you can recover just get out there and work like a mad man. Unlike other firings/layoffs it sounds like you're in good standing so it should not be a major issue for you long-term.

Mar 29, 2013 - 8:39am

WallStreetPlayboys:

1. Doostang and Indeed. Again for doostang simply pay for the next 2-3 months to get premium service. Massive blast out of resume to any and all positions you would be interested in. Make sure your resume is IRON clad strong. No errors not even a comma, feel free to send over to us or load up on here and will look at it for the price of **free**.

Just to add to this list - eFinancialCareers and WSO job board.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
  • 1
Mar 29, 2013 - 11:03am

Is eFinancialCareers good for banking though? The site seems more geared toward trading imo. Many of the positions require a high level of expertise in their respective areas and I would estimate that more than half require a masters.. and quite a few even PH Ds.

I would use eFinancialCareers to compile a list of recruiters and get a sense of what companies are hiring (JPM posted several positions). Junior candidates, however, could probably spend their time more wisely elsewhere (unless the candidate is very specialized, or has quant/programming skills). A few years ago I did get a phone interview for a entry level position at Highbridge but those opportunities are too few on that site.

Mar 30, 2013 - 9:49am

WallStreetPlayboys:
Very sorry to hear about that man that's awful. On the flip side, this is certainly something you can recover from, as always a man is defined by what he can come back from. With that said here are some good steps.

1. Knowing you have a positive vibe with your previous employer immediately contact them and as for A) referrals, B) keep an eye out for other job openings and C) of course any feedback on your performance.
2. Once you know you have a positive recommendation locked in, start applying immediately, use Linked in. Here are the linked in step by step.

Step 1: Upgrade to business plus account for the time being. You are basically paying $5 to immediately get access to possible employers. It's like a free informal interview.
Step 2: Make sure your profile is professionalized. 1) wso/">suit and tie photo, 2) make your highlights heard in your case without any info "worked on lean deal team sole analyst on team of X resulted in XXX performance". (assuming you know the drill).
Step 3: Narrow your scope. Not sure which space you worked in but an example would be. 1) healthcare banking, 2) health care research and 3) healthcare corp dev. Get as niche and narrow as possible relative to your experience and then... reach out to managers. Do not reach out to CEO's of course. Look for project managers, Vice Presidents (finance) and even some major HR people.
Step 4: Begin the cold intro. Keep it short.

"Hi my name is Lynd2 and I previously worked at XYZ bank doing XYZ and YXZ tasks. Given my previous experience in XXX and XXX I believe I could be a good fit with your organization. In particular I am interested in your company because of XX, XX ,XX. If possible I would like to set up a quick phone conversation regarding any openings you may have at your earliest convenience."
Step 5: Talk with them on the phone, do your best to sell yourself. Remember the rules of "you're selling them on what you can add" I would phrase conversations in a way on what you can bring to them to immediately add value.
Step 6: Interview as usual.

Now lets move on to the shotgun approach.

1. Doostang and Indeed. Again for doostang simply pay for the next 2-3 months to get premium service. Massive blast out of resume to any and all positions you would be interested in. Make sure your resume is IRON clad strong. No errors not even a comma, feel free to send over to us or load up on here and will look at it for the price of **free**.
2. Go through your career center from your old school, this is a huge hailmary, but at the end of the day there are sometimes some good jobs in there that are not listed on Doostang, Indeed etc. You email the VP/manager direct on Linked-in and phrase your message to them to direct to that spot.

I think that covers the basics but feel free to ask away if you have questions, you can recover just get out there and work like a mad man. Unlike other firings/layoffs it sounds like you're in good standing so it should not be a major issue for you long-term.

how to be a part of your site? I found it breathtakingly refreshing.

I'm just a humble clown. I juggle around just for a good laugh of yours.
  • 2
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Mar 29, 2013 - 1:37am

Sorry to hear. Getting fired in this biz is unfortunately, a very really possibility if you want to work in it long term, and most guys I know that have been in banking for 10 yr.'s or more have been fired and minimum 1-2 some 3-5 times. Sometimes the biz takes a step back gives a swift kick in the dick, whether you deserved it or not.

If you want to stay in it, get your resume updated ASAP and start shelling it all over town. It'll take 4-6 mon.'s on average to get back, but stick with it and you'll land somewhere if you're determined.

If possible, I'd recommend doing your homework on the groups you get offers from before signing on. Sometimes shops hire extra jr. horsepower as a "last ditch effort" to try to close some swing for the fences type deals before sig. downsizing their operations.

Getting in with a group that has a good, long standing rep.and a lot of deal tombstones that never have more than a .5 month - month gap in between is the best way to avoid having this happen again...and not being shitty at your job as well. Good luck.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
  • 2
Mar 29, 2013 - 1:39am

Good stuff wallstreetplayboys. In addition to his advice, really make an effort to leverage your existing network. It's easier than forwarding your "anonymous" resume on those sites.

If you're going to pursue mainly the website route then I encourage you to formulate a few generic cover letters. That usually takes the most time as you have to customize them. Try to make them industry/role specific so you have to make minimal changes each time.

Mar 29, 2013 - 6:38am

Shit man, sucks. Not to sound clique but often things like this make you stronger and are a hidden opportunity.

For example- I spent two years in the BO at a BB. Networked like hell w every possible FO internally and couldn't get out. Got fired, took a temp job for a paycheck and started valet parking cars. This was the ultimate low. It wasn't until then that I was able to push myself to sleep deprivation and near the mental breaking point where your friends start to think you're crazy. End result- I do fundamental analysis now for a big player in the industry where the most common exit op is equit research/equity indexes.

My advice: take some time to yourself to really reanalyzing your goals and your life. Volunteer, it's not often that we slow down to realize how many are less fortunate than our prestige chasing selves. Network w everyone and their brother. Be honest: I had no qualms saying "I got canned" because I knew that it was due to my teams internal controls, not my performance. In your case looked like this was out of your control.

Anyways, I hope this helps. These type of situations suck. However, this is the career we choose and inevitably throughout our careers it's bound to happen. Better now than when you have a family.

I'm on the pursuit of happiness and I know everything that shine ain't always gonna be gold. I'll be fine once I get it
  • 4
Mar 29, 2013 - 10:33am

DaisukiDaYo:
pktkid10:
Shit man, sucks. Not to sound clique...

I think you meant to say cliché.

And im retarded, thx

I'm on the pursuit of happiness and I know everything that shine ain't always gonna be gold. I'll be fine once I get it
Mar 29, 2013 - 6:43am

Forgot one thing. Get jacked out of your mind.

I'm on the pursuit of happiness and I know everything that shine ain't always gonna be gold. I'll be fine once I get it
Mar 29, 2013 - 8:33am

Are you asking how to find a job or are you looking for sympathy because if it's the former you got serious issues and if it's the latter then you still have issues, albeit probably not as bad. Have you ever looked for a job? Seriously? Get your ass out there and start looking for work and get rid of this attitude that you were a banker and need to be compensated equally. Hustle man. Network. Search the internet and quit wasting your time asking silly questions. Use this as a way to grow up because people lose jobs all the time so f*ck it and move on. If you don't know what it takes to find a job then the firm did well in firing your ass because you don't have a clue.

With the tough love out of the way hang in there and work your ass off. Something always comes up with the right attitude. Learn from every setback.

Mar 29, 2013 - 8:42am

ERWB:
Are you asking how to find a job or are you looking for sympathy because if it's the former you got serious issues and if it's the latter then you still have issues, albeit probably not as bad. Have you ever looked for a job? Seriously? Get your ass out there and start looking for work and get rid of this attitude that you were a banker and need to be compensated equally. Hustle man. Network. Search the internet and quit wasting your time asking silly questions. Use this as a way to grow up because people lose jobs all the time so f*ck it and move on. If you don't know what it takes to find a job then the firm did well in firing your ass because you don't have a clue.

With the tough love out of the way hang in there and work your ass off. Something always comes up with the right attitude. Learn from every setback.

Lay the fuck off. Dude just lost his job and is looking to vent a bit and get some encouragement. What better place than here?

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
  • 5
Apr 4, 2013 - 2:14pm

ERWB:
Are you asking how to find a job or are you looking for sympathy because if it's the former you got serious issues and if it's the latter then you still have issues, albeit probably not as bad. Have you ever looked for a job? Seriously? Get your ass out there and start looking for work and get rid of this attitude that you were a banker and need to be compensated equally. Hustle man. Network. Search the internet and quit wasting your time asking silly questions. Use this as a way to grow up because people lose jobs all the time so f*ck it and move on. If you don't know what it takes to find a job then the firm did well in firing your ass because you don't have a clue.

You, sir, are a complete idiot

Mar 29, 2013 - 9:26am

orlymonkey:
guys, does doostang post real jobs? alot of the positions they post ive never seen anywhere else, what do you guys think?

Some of them are just pulled from company websites but many of them are proprietary. When I was on the hunt I would just buy the cheapest package (2 days, like 10-20 applications) and only apply to proprietary postings that interested me (there isn't an inordinate amount). Do that every couple months.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
  • 1
Mar 29, 2013 - 10:05am

duffmt6:
orlymonkey:
guys, does doostang post real jobs? alot of the positions they post ive never seen anywhere else, what do you guys think?

Some of them are just pulled from company websites but many of them are proprietary. When I was on the hunt I would just buy the cheapest package (2 days, like 10-20 applications) and only apply to proprietary postings that interested me (there isn't an inordinate amount). Do that every couple months.

what was your success rate with those that you mentioned?

Mar 29, 2013 - 10:16am

orlymonkey:
duffmt6:
orlymonkey:
guys, does doostang post real jobs? alot of the positions they post ive never seen anywhere else, what do you guys think?

Some of them are just pulled from company websites but many of them are proprietary. When I was on the hunt I would just buy the cheapest package (2 days, like 10-20 applications) and only apply to proprietary postings that interested me (there isn't an inordinate amount). Do that every couple months.

what was your success rate with those that you mentioned?

Got interviews through Doostang, eFinancial and WSO.

Didn't have any luck with OneWire or through LinkedIn postings.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
  • 1
Mar 29, 2013 - 11:01am

duffmt6:
orlymonkey:
duffmt6:
orlymonkey:
guys, does doostang post real jobs? alot of the positions they post ive never seen anywhere else, what do you guys think?

Some of them are just pulled from company websites but many of them are proprietary. When I was on the hunt I would just buy the cheapest package (2 days, like 10-20 applications) and only apply to proprietary postings that interested me (there isn't an inordinate amount). Do that every couple months.

what was your success rate with those that you mentioned?

Got interviews through Doostang, eFinancial and WSO.

Didn't have any luck with OneWire or through LinkedIn postings.

Got an interview for FoF IR through onewire. And an amigo got hired via LinkedIn for re pe. Just to add some color

I'm on the pursuit of happiness and I know everything that shine ain't always gonna be gold. I'll be fine once I get it
  • 3
Mar 29, 2013 - 9:24am

If you got into Yale or Harvard law, then that might be a good place to go. Sure, you'd be in a distance relationship, but it won't be more than a few hours travel away. Plus, if you're still together in 3 years, you'll get her insights into the job hunt from someone who just endured the recruiting and interviews. Don't make babies for a good 8-10 years, because you need her to pay off her loans.

Mar 29, 2013 - 9:34am

lynd2s:
My fiancee is currently a first year Law school student in NYC. She gave up many opportunities to stay together with me in NYC, including a top 3 law school in other states. She needs my support the most now, and I cannot leave her here.

So she goes to Columbia? Ya, she gave up a lot of opportunity.. CLS places into Biglaw at higher rates than any top 3 (albeit admittedly a lot of that is self selection). That being said, she didn't give up anything (unless, of course, she went to NYU).

"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."
  • 1
Mar 29, 2013 - 10:04am

Similar thing happened to me (I left vs getting laid off, but was probably going to sooner or later since my firm made some ridiculous mistakes, and it was in a very niche sector). Its been around more than a month and still looking since my background is very specialized (unfortunately), but im still very optimistic about the future, been working out, picked up a sport, studying for the GMAT. HANG in there! Just do something to keep urself going forward and keep applying every night to anything you see and use all ur contacts on linkedin. There are openings every now and then and things will work out (Im in a very very very dire situation myself but theres no reason NOT to be optimistic).

Mar 29, 2013 - 10:30am

You made your fiancee give up a top 3 school? That's fucked up.

Because when you're in a room full of smart people, smart suddenly doesn't matter—interesting is what matters.
Mar 29, 2013 - 1:42pm

I know you feel really shitty right now but this could be a blessing in disguise.

Here's my path. State semi-target school -> Big 4 Business Valuation -> Laid off -> MM IBD -> BB IBD -> Laid off -> Hedge fund

If I hadn't gotten laid off I probably would have stagnated where I was. Interviewing is not fun by any means but sometimes you need that kick in the ass to go for the next level and what you have potential to do.

If I were you, I'd be focused on landing a gig in solid MM (Houli, Opco, Jeff) IBD groups. Lateral positions are more plentiful than you'd think; analysts are leaving all the time for one reason or another. I got plenty of looks coming from BVal - I'm sure you'll be fine with direct banking experience.

Mar 29, 2013 - 2:27pm

bonobochimp:

If I hadn't gotten laid off I probably would have stagnated where I was. Interviewing is not fun by any means but sometimes you need that kick in the ass to go for the next level and what you have potential to do.

Excellent post - sometimes you need that one life-changing event to kickstart the next step to your career.

Mar 30, 2013 - 11:40pm

Is Doostang legit? I was searching for tags of Doostang and found very few opinions on these. So from the post I get the idea that people do get legit interviews from this site?

Apr 7, 2013 - 4:40pm

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