Layoffs

So I just got told that my job (along with many others on my team) is going overseas to a country with a lower cost of employment. It hurts as I've been on this team for years through thick and thin, stress and fun, laughs and problems; whatever.

I have until the end of the year on their payroll, retention bonus, a severance into Q2 of 2020, and subsidized health insurance until then as well.

On one hand I could be down in the dumps. However, I actually feel somewhat relieved. I actually feel bad for those who are staying and working in this new outsourced model as all the pilots have been largely unsuccessful.

Just looking to hear from those who've been through the same or similar and what advice they had to swing the bad news into a positive. Maybe my decision to move to Wisconsin was just made for me.

And before I forget, I need to take my own advice spewed gracefully from George Clooney; Anybody who ever built an empire, or changed the world, sat where you are now. And it's because they sat there that they were able to do it.

Comments (26)

Jul 25, 2019

Never been laid off, but I'd look at this like a positive. You're going to get paid for searching for your new job. I would take as much time as necessary to get your mind right and wrapped around the situation, but then I would start looking immediately for other gigs. You've the chance to have dual income for awhile.

If you don't need additional income, take a break. Hike a trail. Travel. Exercise a lot to get that dad bod back to college form. This can very much be a positive. Good luck!

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Jul 25, 2019

There are times I wish someone would fire me and pay me to relax and find the next thing. Take full advantage of this situation.

Go to the beach. Go to the gym. Spend some time relaxing and figuring out what you want next in life. Then, go out there and get it. You have tons of time now to network, grab coffee, grab lunch, all without the stress of every day pounding down on you.

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Most Helpful
Jul 25, 2019

I'm sorry to hear. What exactly is it that you do? When I get laid off from BMO Capital Markets in NYC... I literally stayed up 20 hours a day, applying for jobs. I hit the books everywhere, got a list of all the banks in spreadsheet, all of the 3rd party recruiters. I had my username and password all saved for each bank. I went on indeed, monster and surprisingly monster is pretty good for 3rd party recruiters looking for candidates when you upload a resume and so is efinancialcareers. Everything else sucks. Linkedin is pretty trash too because the amount of competition.

I was willing to move anywhere in this country. I told myself, no one owes me anything in life, I control my own destiny. If I skip the gym for months or barely eat to save money then so be it.

Make sure you apply for unemployment, it definitely lighten the blow on your finances and maybe shallow your pride and do an odd job until you land something. Brush up your resume, learn new skill sets. If you have to grind every day for 24 hours for a week to learn python or VBA, do it. No one owes you anything. Make yourself better. Do you have to bullshit your resume to land a job? Do it. But you better be able to walk the walk and the only way to do this is read, read and read. Because once you go to an interview and they ask you something, they will know you're bullshitting. I've done this before and I learned my lesson so I tweaked my resume to dim it down and it helped alot.

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Aug 2, 2019

Does it really take that much effort to find a new job if you already have experience from another investment bank?

Aug 2, 2019

The amount of competition in NYC is ruthless... Unless you're a hot shot trader or a banker with a lot connections, you're really just a nobody.

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Jul 25, 2019

It sounds like you got a good amount of time to find a new position.

I'll repeat some of the advice that's already been shared:

Relax.
Go to the gym.
Make sure you're in good health.
Go on a inexpensive vacation for a few days.

Maybe don't do anything for a month. Then you'll just wake up and feel uneasy that you have nothing to do. That's when you'll feel the motivation to start hitting up your contacts and networking for your next step.

Overall, based on your post above, you're already looking at this in a healthy way. So I think you've got a good start on this.

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Jul 26, 2019

That is a VERY generous severance package. Be thankful and take advantage of it.

As to your question - I got my way into a VERY small (shitty) Investment Bank at ~26. Left a job behind where I was liked and respected, etc.. A few months later I got laid off through no fault of my own. Thankfully, I got a little "desperate" and considered other roles and took a Senior Financial Analyst position at a F500. Fast forward almost exactly 10 years and I'm at another F500 doing pretty damn well for myself and really enjoying life.

The obvious moral of the story: this may be for the best

twitter: @CorpFin_Guy

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Jul 26, 2019

I'm sure the idea of not having a job sucks, but that severance package sounds pretty great actually. Take a couple months, decompress, maybe network a bit, and then hit the ground running on finding something new. This could be a time for you to really figure out the next few years of your career.

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Jul 26, 2019

Take what has been said above, but know this. It WILL take you around 6 months to find a new job, so start the networking now.

Jul 28, 2019

I know this can really suck, you'll deal with some low points along the lines. Through it all, please remember this: this is only temporary, keep your head up, it will get better.

Sounds cliche, yet happens to be true. That's a generous severance and you should be grateful. I went through this. Was relieved, did the whole gym/ self-care thing which I prev neglected because of work. But went through a break-up and felt like shit for months. Then bounced back strong after falling really deep in the dumps - getting to the final round at a (the?) top hedge fund and then making a small mistake is a tough pill to swallow, but one I needed. Being laid off, getting cheated on and messing up that interview were some of the most valuable things that ever happened to me, only because they were filled with lessons.

I can't possibly give specific advice, but I would take time to reflect upon lessons gleaned from your past job. You now have far more datapoints about your strengths, weaknesses, what makes you tick, what you wish to avoid.

Put that to good use.

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Aug 5, 2019

Truer words are rarely spoken.

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Jul 29, 2019

A friend from college recently was in a similar situation. He was laid off due to lack of deal flow, and he was given only 60 days severance. He used that time to decide he wanted to go back and pursue his MBA, which is what he is doing starting next month. He had nearly two years of experience as an Analyst under his belt, however after he completes his MBA I am sure he is going the corporate route (albeit Strategy, Corporate Development, FP&A, etc).

Jul 29, 2019

My mom just got laid off from her programming testing job. She's 5 years from retirement and her English isn't great. I'm going to help her open up a Russian daycare. My uber-conservative pharma-sales-wench sister who's been at the same firm for 20 years is trying to convince her it's too risky. LIMITING BELIEFS, WENCH.
I was going through that same shit a few years ago. Job being outsources very obviously, but they're telling us there will always be a place for you here, while being asked to train a team of 12 Indians on all my job functions remotely. Well I trained them on a bunch of incorrect garbage, confused them as much as possible, clocked a ton of ghost overtime, loaded a bunch of proprietary info on a hard drive when I was ready to leave, sent my resignation email and walked out. Their lawyer hit me up annd long story short, I traded that hard drive for a non-disparagement agreement signed by the CFO. I don't even know why I wen through the efforts in retrospect. I caught four felonies while at that job. That was Goldie's last white collar job and Goldie knew it then and he is more certain of that now than ever.

I like your attitude dawg. You got this.

heister:

Look at all these wannabe richies hating on an expensive salad.

https://arthuxtable.com/

Jul 29, 2019

Real talk.
Tough times don't last. Tough people do.

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Jul 30, 2019

what felonies

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Funniest
Jul 30, 2019

felonious ones, cocksucker.

heister:

Look at all these wannabe richies hating on an expensive salad.

https://arthuxtable.com/

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Jul 30, 2019
differentialequations12:

what felonies

Mind your business.

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Jul 30, 2019

You and your sister need to kiss and make up, family is all we got

Aug 5, 2019
kakaman:

You and your sister need to kiss and make up, family is all we got

pic of said sister?

If the glove don't fit, you must acquit!

Jul 30, 2019

...

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Aug 2, 2019

Keep your head up, enjoy the time off by jerking off, binge watch TV and eating cheetos

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Aug 2, 2019

Company stock is down ~15% since the news of this outsourcing model went public and was briefly mentioned on our earnings call (where we beat analyst expectations). I'm not even mad, I'm impressed. It takes a special kind of stupid to make this happen.

Now only if I didn't have several thousand shares of this dumpster fire...

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Aug 2, 2019
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Aug 2, 2019
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