Sacked
Not me but I bet you thought I was done for something.
Some guy at my work got layed of today, he got his months notice and they told him to leave straight away and he would get the months pay so doesn't need to come in.
I found out his replacement is coming in Monday, so the manager had already planned to replace the guy then they sacked him. Apparently they have found some guy to head up a dept and for that wanted this chap out. I wonder what excuses they used. Harsh I must say. He was an ok guy, apparently he said he kinda had the vibe it was coming, so he had already started interviewing and has been told he shoud get something soon.
Is this quite common at your firms, do they sack people without warning.
We never sack anyone here. They always leave to pursue other opportunities.
So when people say that it means they were shown the door
Nope, we never ever sack anybody. Never. We all just get a little email that says, "So and so will be leaving the firm to pursue other opportunities. Let's all wish him the best in his future endeavors!"
Well thats exactly what they said for this guy, but the official story is he was shown the way out.
Dude... that's so standard. Firings are bad for morale, even when people know it's coming.
Ok so when are we getting in the sack, that should be good for my morale
what position did this guy hold?
He was labelled a VP but I think was still the most senior on his desk.
Was this guy in banking, capital markets, or trading?
Trader
I've said it time and again... firms have no loyalty to employees and they will better deal anyone, anytime. Unfortunate. However, I'm not surprised by how this was handled.
It was handled quite badly, but have asked friends in other firms and they tell me it is similar. Some firms are not as bad but the bottom line is if they want you out even if ts not a good enough reason it happens. A friend told me a desk in his company was going for a complete change, they hired a new head and he was bringing in his own team. So there was not going to be room for the existing employees. The company though did find them other equivelent roles and helped the others while they found new employment.
I have a part time job at a headhunters. They are currently working to replace an office head who has no idea he is being replaced. His bank is interviewing people, meanwhile the guy doesn't have a clue.
He probably wont find out until they find a replacement and the contract is signed. I must say that is harsh, I can imagine a headhunter calling him up and telling him about the role
we've lost 6 bankers in the last month, but not one was fired.
I was interning on an equity trading floor at a top BB, about five full-time people (both associates and VPs) got fired in one day. I was told to stay to myself that day and not ask questions of any of the traders. That's probably unusual as equities trading is obviously in the decline, but I think it underscores the fact that most Wall Street firms have no loyalty to their employees.
You must have been at JP Morgan.
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