What stops banks laying off analysts?
With all the recent analyst lay-offs, can someone tell me why analyst X can lose his job but analyst Y can keep it? Assume they are both 6 months into an IBD role.
Would it be things like the classification of your degree or the fact that you have a science/arts degree instead of finance?
Or does it come down to who you know?
What are the key criteria that decide who stays and who goes?
Why torture yourself like this, seriously...all you can really do is do the best job that you can across the board and hope for the best. I have a feeling it can be pretty arbitrary in the end and the rest should be pretty obvious
If you're not going to contribute something useful x13, why write anything at all?
An attitude problem like this is what gets you laid off
Thats just my opinion on the situation. Honestly, what do you expect to hear? Who does better work? Who has better relationships with the right people. Like I said, its fucking obvious.
My point is, be the best analyst that you can be, theres no point in worrying things that are out of your control, especially in this industry. Everything that you can do to enhance your chances of NOT getting canned are part of being the best possible analyst (ie efficient error free work, thoughtful insight, and solid networking internally). There's no secret formula and ultimately, the choice might be made for some BS reason.
Networking example - obviously some product groups are getting hit worse than others. Guy I know was in cash cdo's but knew some people in another group pretty well. Instead of getting laid off like other people in his group, he was transferred internally.
Indeed.
Just as banks (try to) hire analysts based on how good they are, whether they've been able to network themselves into an interview, whether it seems you could have a good relationship, etc., they fire analysts based on how bad they are, insufficient networking, poor relationships etc. Except now they know you a hundred times better.
Yes, that finance/accounting double major is going to save you when the other guy is putting out much better work. Seriously, I cannot believe OP even asked this question given all his "friends" in the industry, his anecdotes etc.
i know you love me ideating
Obviously, nothing to do with what your college major was... that would be silly.
Generally people who are the most busy and best workers will be kept around (this is at the Analyst level where you have to be a worker bee). Sometimes relationships can play into it as well, though even knowing someone powerful won't necessarily save you when the time for layoffs comes.
Sometimes entire groups will be laid off and you can't do much about that... so not worth worrying about.
Bottom line - if you want to be kept, make sure you do great work. And as long as your entire group didn't get fired, you probably will be kept.
Thanks 10^6 dosk, nice to get an honest, informative answer ... for once
haha if you think an answer has to be wrapped with a ribbon and served on a silver platter to be informative...
well anyway, I'm sure if you do everything 10^6 you'll be just fine
Is it everything you'd always imagined it to be, joefish?
everything.....and more! I'm currently enraptured
I love how when certain members (ideating, numi) insult joefish, he gets his panties in a bunch and upsettingly tries to rant off a derogatory comeback. When other members (whose cocks he apparently aspires to ride) insult joefish, he tries and plays it off with “witty sarcasm” and as if they are just joking with him. The commonality between these two types of people, however, as well as most everyone else on this forum, is that they both hate joefish – joefish has just yet failed to realize this.
Ipsa sit magnam ad optio. Et quasi omnis modi similique repudiandae aliquam. Dolores architecto eveniet quod. Magnam minus consequatur corporis ab accusamus beatae.
Ipsam ullam voluptatem et enim nesciunt et impedit. Incidunt a debitis cumque consequatur totam et adipisci nisi. Totam suscipit quis qui nemo. Alias non nostrum debitis nostrum et. Odit nostrum recusandae iste aliquam.
Vel et et officiis reiciendis quam. In repudiandae laboriosam et est. Qui quo quaerat laudantium. Qui quod qui perspiciatis praesentium quibusdam nesciunt saepe. Rerum modi dolor in pariatur odit.
Animi aut quas esse labore. Quod occaecati sed consequatur aliquam odio adipisci nesciunt omnis. Molestias non eveniet harum id aliquid. Eveniet doloribus dolores eum. Veritatis qui minima dicta sequi illum ipsa.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...