Lateral Hiring Freezes

Assuming M&A picks back up Q3&Q4 after recent layoffs and hiring freezes,will banks be looking for laterals around January since the next analyst/intern class won't be joining until summer 2021?

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Comments (26)

  • Analyst 1 in IB - Ind
Jun 17, 2020 - 10:31am

Interested in others thoughts as well. Have been networking to lateral throughout the year and conversations went from "hey we'll definitely have you in to meet more of the team in the summer" to "currently we're not hiring" but you would think there would be a need for analysts at the end of the year if groups don't replace analysts that leave this summer and activity picks up in 2H20. Want out of my current gig but just trying to stay patient for now

Jun 17, 2020 - 1:53pm

Yes, lateral hiring should pick up very soon. Analysts at my bank are dropping like flies and there's way too much work on too few people to handle. A bank can't sustain this workload

Will update my computer soon and leave Incognito so I will disappear forever. How did I achieve Neanderthal by trolling? Some people are after me so need to close account for safety.
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Jun 17, 2020 - 4:47pm

Richard - I was curious if you could provide insights into the type of bank you are at (BB/MM/EB/Boutique)? Also, if you could theorize what the future lateral situation will be for different banks, that would be great! Was going to PM you, but I'm out for the day hahah

Jun 17, 2020 - 5:35pm

Let's talk on the private.

Your questions are coming from a really humble and honest place so I don't want to mislead you. I don't know that much about what is going on with other banks to be able to confidently advise you. All I can say is that there are for sure some banks out there that are frozen but others are still growing even during this time and looking for people. The catch-22 is that the growing groups are not publicizing for the most part that they are growing and they would most likely be smaller groups (could be in BBs) so you'd have to do some more networking and ask around.

Looking online after a quick search, seems like there are one off positions within even BBs and MMs at the moment (Citi, HL, Raymond James, etc.)

Will update my computer soon and leave Incognito so I will disappear forever. How did I achieve Neanderthal by trolling? Some people are after me so need to close account for safety.
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  • Analyst 1 in IB - Ind
Jun 18, 2020 - 3:12pm

To what others have said most of my connections at other banks have said they're not hiring at the moment but will have a better idea of staffing once COVID plays out a little more and 1st years start. They just said to circle back in a couple months and will keep me in mind. I think there are plenty of groups that are understaffed but are holding on hiring until things settle (like my group currently as we've been getting killed and absolutely no talks of any additional hires yet which is unfortunate). Once banks start hiring again I think there should be a lot of opportunities for experienced hires (at least I'm hoping)

Jun 18, 2020 - 6:12pm

I emphatize with you. Analysts at my bank usually leave after a year but barely anyone has left yet, which is really shocking. This is primarly because of COVID. My group is not going to have any aanylsyts by the time we come back in early 2021

Will update my computer soon and leave Incognito so I will disappear forever. How did I achieve Neanderthal by trolling? Some people are after me so need to close account for safety.
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Jun 24, 2020 - 2:18pm

It may be more than 1-2 months given our government's inability to address the issue here in the States. Wave 1 continuation in the States is akin to endless turns of comments that drag into the early morning hours. Fatigue is real.

...v67
...v68
...v69

Meanwhile, nothing of value has been added to the marketing materials or model, but you continue to save-up and clear the next set of comments.

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  • Analyst 1 in IB - Ind
Jun 26, 2020 - 5:18pm

Not that I've seen or heard of. My bank pays bonuses end of June but if I remember correctly lots of other banks pay In July/August so maybe wait a little bit longer and see. I really don't think we'll see any material pickup until 2021 at the earliest but there will be one off opportunities if you get lucky with a connection with the right group who has someone leave unexpectedly. Just my 2 cents

Jul 6, 2020 - 1:14pm

Anyone heard from specific BBs saying they're undergoing hiring freezes?

"Whatever needs to happen, always does." - Black Jack Foley
  • Analyst 1 in IB - Ind
Jul 8, 2020 - 10:48am

Yes there are online apps but most groups already have people that are networking to get in and may never post the job or won't pull applicants from the online job posting because they already have a list of applicants from people networking. Definitely worth networking if you want good odds at the group/bank you're interested in. I have gotten interviews on online apps so would do that too

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