Anyone here feel any of this? Article says layoffs were at higher levels VP+ and affected M&A, ECM, and DCM. From Yahoo: [quote]Goldman Sachs said to cut dozens of investment banking jobs Goldman Sachs Group Inc. cut investment banking jobs in the last few weeks, joining securities firms that are adjusting to a slowdown in deal activity, according to people familiar with the matter. The bank eliminated dozens of managing directors, executive directors and vice presidents across the mergers and debt and equity capital markets teams, the people said, asking not to be named as the details aren't
05 Jun 2016
There's an article on CNN today that talks about creative things you can do when you find out you're no longer going to be gainfully employed, and aside from the bullshit stuff about "mourning" the loss of your job, and learning a new language, it did get me thinking. With the very real possibility (maybe "probability" is the better word) that you too will be kissing your career goodbye, at least for a while, what is your backup plan? Not to piss in everyone's cheerios, but let's be realistic here. The job market is virtually non-existent right now, so simply sending out resumes isn't going to cut it.
15 Dec 2008
Hi guys, As many of you may know, Credit Suisse's CEO Brady Dougan is being replaced by Tidjane Thiam in June, and many analysts are speculating that Thiam will downsize the securities and investment banking arms by as much as 3,000 positions in 2015. Do you guys think CS will go the same way as UBS at this point? Personally, I have an interest in equity research and actually find the day-to-day of a sell-side analyst quite interesting. CS supposedly has a strong reputation in ER, but will the change in management direction affect this franchise? Thanks.
11 Mar 2015
As an Oil and Gas professional, Fridays are both a curse and a blessing depending on whether or not I have a job at the end of the day. Since the price of oil has been on a perpetual decline and showing no signs of a recovery, thousands of employees have been laid off. Everyone from Jim the tool pusher to Amy in accounting has been affected by layoffs, whether they have been laid off themselves or been a part of the weekly (in some cases, daily) cuts that continue to take place. I have personally been through several rounds of layoffs (and to be frank, I have lost count of how many) so I
17 Jan 2016
Given the need for banks to clench up that sphincter tighter than normal this year, most big holiday office parties have been axed. Business Sheet put together a delightful slideshow of some of the most lavish displays of corporate opulence from the past in holiday office party format: http://businesssheet.alleyinsider.com/2008/12/bah-humbug-cancelled-corp… Goldman's party at the BLVD nightclub looked hot. You know Lloyd was there to get down... Anyone out there still have a sick holiday office party scheduled for this year? I know, we should probably all just be
10 Dec 2008
Using a burner account here. I was laid off at the beginning of August. I went to a semi-target, graduated in 2016, and had networked into my TS Valuation role. I started this role in September of 2017. I passed the first two CFA exams and took Level 3 this past June but failed by a slim margin. I'm having a really hard time with things right now. I network as much as possible. I had a buyside interview at a PE fund during August but did not get an offer. Since this past March, I've had multiple first/second round calls with MM IB firms but haven't been able to land anywhere. When I ask for
11 Sep 2018
How the heck does one make millions off of investing in a company that goes bankrupt and/or gets shut down? How do the lenders get paid back, how do the numbers work? Ideally I'd like to see a model but that's obviously a bit much to ask. Another good example is when a company borrows money, pays out a huge dividend to the PE fund that owns it, and then completely tanks (recent example was some major restaurant chain bought by one of the larger funds, can't find it on google though). Why would lenders tolerate such a use of proceeds?
12 Jan 2012
Over the past few months Macquarie has pretty much massacred its 1st and 2nd year analyst classes as well as people up and down the ladder. Historically, Macquarie has made a name for itself in the infrastructure and private equity investing space. However poor performance of its assets across its many funds and lack of money to invest has put it in a precarious spot with little to no revenue generation capacity. I would suggest steering clear of Macquarie and instead heading to more established middle market, BB or boutique firms
15 Apr 2009
Sorry guys, I hate to be the bearer of bad news but it seems that the job cuts Eddie talked about a few weeks ago won't be ending anytime soon. In fact, things might get downright ugly. With rising costs and diminishing earnings, thousands of jobs are now at risk on Wall Street as most of the major banks are looking for ways to trim the fat off their expenses. UBS and Credit Suisse have already confirmed to cut around 6000 jobs between them, a staggering 5000 for UBS alone, but what I think we should be really looking at are MS and GS: [quote=Charlie Gasparino]The firm (MS) is "running layoff
14 Jul 2011
"What's that? Uh...layoffs?! Don't talk about -- layoffs? You kidding me? Layoffs? I just hope we can win a game!" -Coach Mora I was curious as to whether you guys heard anything, either truth or speculation, about potential layoffs in private equity.
02 Dec 2008
If there is one caricature I hate representing, it's the Grinch. So for my own sake, I better get this out before Christmas comes around- this was an extremely rough year for Wall Street. Amid bankers having to deal hoards of protestors just to get in the door for work, cuts have been especially rampant this year. To be exact, over 210,000 financial services jobs have been cut this year, over 60,000 more than 2010 and almost 160,000 more than 2009. Although back office and middle office roles experienced an unusual uptick in outsourcing, European contagion made deleveraging by eliminating
16 Dec 2011
Oh, major burn here for first year Goldman people. Last week GS let go 3,000 employees, but now it's 'say hello to the back office' for first years. http://clusterstock.alleyinsider.com/2008/11/goldman-sachs-gs-moving-th… Can anyone confirm this? If it happened to you would you take your chances and defect or stick around?
20 Nov 2008
Seeing a friend's FB status earlier today that said something like "officially my last day at goldman. it's been a good run new york. shit happens. i'm out" has officially made him the last friend I knew from the class of 2010 who still held onto an invsetment banking job. I knew about 30+ guys who got jobs in IB, some in bulge brackets, some in boutiques. All class of 2010, a few 2009. So i'm the only one left (that I know of). YIKES. all the shit we went through to try to get a career in IB and at the end, to get booted out - NOT WORTH IT.
30 Jun 2012
Keeping up with unemployment is a bitch, but somehow, everybody seems to have their own way of handling it. Take Iceland for instance, after letting their banks fail, they devalued the Krona, slapped on harsh capital controls, and saw their unemployment rate drop to 5.6%. Germany meanwhile slashed wages across the board, raised their retirement age to force people back to work, and saw theirs drop for 27 straight months to 6.7%. Germany's work-shy neighbors to the southwest however, seem to handle things a little differently: [quote]France's new Socialist government is planning to ramp up the
17 Jun 2012
Why has there been no talk of offers potentially being revoked for people who did internships this summer who were offered (and accepted jobs) on the street. I would assume offers will be revoked. Is there any reason to believe a lot of offers will not be revoked?
23 Oct 2008
PREVIOUS EPISODES: NSFW Episode 9: Bonuses, Facebook, National Debt NSFW Episode 8: The Christmas Special NSFW Episode 7: All-Nighters, Bush Tax Cuts, Crash JP Morgan NSFW Episode 6: Burnout, Bailing Out Europe, Wikileaks NSFW Episode 5: Lehman Bankruptcy, TSA, Black Friday NSFW Episode 4: Silver, Welfare Reform, Winter Inflation NSFW Episode 3: Day Trading, Estate Taxes, Prop 19 NSFW Episode 2: The Euro, Prop Trading, Technology NSFW Episode 1: QE2, Housing, Commodities This week's recommended reading: The True Function of Money & the False Foundation of Our Banking System (free download) and
17 Jan 2011
From DealBreaker today: http://dealbreaker.com/2012/07/layoffs-watch-12-d… Is this a one time thing or just the beginning of a series of layoffs? Anyone industry veterans know how this is gonna impact SA recruiting/offer rate for next year?
31 Jul 2012
Hi guys, I'm in a bit of a weird situation and I'm wondering how others in my position have or are dealing with it. I was hired as a S & T analyst at a BB in 2007. I worked there for a year, and although I survived the layoffs, I had to take an extended leave of absence for some personal (family) stuff that I absolutely had to go home for. It took much longer than expected, and after 12 months of being away the let me go (company policy). All the family stuff is behind me now and I'm ready to get back to work. But now I'm in an awkward situation: I have one year of experience (and 3-4 months of that was training). I'm starting to look at advertised positions on company websites, etc.
08 Sep 2009
There's no question that everyone on Wall Street and elsewhere is feeling nervous about the future of their careers with the economy in the nosedive that it's been in over the past few months. Now apparently companies are coming up with new, creative terms to use instead of "layoffs", I guess to soften the blow (yeah right) and make it easier to swallow. To borrow from Jeff Foxworthy, I'll give you a few "you might be getting canned if's": •If your company announces they are "simplifying" their employment structure, you might be getting canned. •If the monthly newsletter announces some "cost improvement plans", you might be getting canned.
11 Nov 2008
http://finance.yahoo.com/news/Get-Ready-For-The-F… "We're easily going to cut a quarter to a half of our traders and back office in fixed income. Everyone else is going to do it too," he says.
27 Sep 2010
I work at a active management FI heavy Asset Management firm and things are looking pretty bad. Based on the email updates that have been going out across the firm. I think things may get worse even if the economy isn't slowing down. Even if the market is flat or up a bit for the year I think the outflows will hurt us a lot especially with such systemic under performance as of late. I am trying to look at this positively if I survive there may be more opportunity, but I don't have the pedigree to fall back on if things go south. How are other actively managed firms doing? Is anyone growing or
16 Feb 2016
We've all heard the LIFO theory in finance when it comes to layoffs. Last in first out. Does this really have merit? Do you know what management looks for when considering cost cutting initiatives? What's the pecking order in terms of savings - back middle front office? I'm writing from a IB front office product group
04 Aug 2011
According to Dealbreaker, layoffs are planned tomorrow at Goldman, MS, and BofA with possibly JPM following suit soon. Abovethelaw has announced that Latham (V10 firm) is shedding some 70-100 associates, including FIRST YEARS (from what I understand, a big no-no for these law firms). AIG, GM, RBS, Citi loses an exorbitant amount of money, all on the verge of collapse. Seriously, what the hell is happening?? Are we going to be rubbing sticks together for fire soon? Sidenote: How are the European banks, Deutsche in particular, along with CS and UBS doing (okay so UBS isnt doing too well). DB and CS have been out of the news lately, good?
26 Feb 2009
Although there currently exists no universal list of layoffs, it would make things a whole lot easier if there was. In my own warped imagination it appears that we have reached the 'C's on our list today with big layoffs at Credit Suisse and everyone's favorite business news network, CNBC. Please don't let it be Erin Burnett! Here's the deal at Credit Suisse: cutting 11% of workforce (~5,300 meat puppets) because of a $2.5 billion loss in Oct and Nov. Ouch. Looks like they might have to cut back on all those trips to the Shake Shack. http://www.reuters.com/article/ousiv/idUSTRE4B314620081204
04 Dec 2008
Guys - With all the news of very down quarters, diminished deal-flows, and possible layoffs around the corner -- does anyone already working know what we should expect? For those of us joining as first-years next September... what are some ways to hedge ourselves if we get laid-off?
27 Sep 2010
I have a full-time Analyst offer from BlackRock, but now I'm worried since they just announced job cuts. Do you think I should be concerned about this? I also have an offer from a suisse bank which I haven't rejected. Do you think I should consider changing?
18 Nov 2008
With the recent job cuts announced at the above mentioned banks, is anyone on WSO over here aware whether these job cuts are affecting junior bankers too (analysts or associates) for instance, or are they being targeted at the big dogs? Thanks ladies & gents.
27 Mar 2014
Are mass layoffs on the horizon at banks following this pandemic-fueled market uncertainty? I would normally think no, but there is no end in sight to this bludgeoning. No one seems to know what is going on. Starting to get nervous & am hearing some chatter around the floor. Which groups/titles will be hit first at BBs?
11 Mar 2020
I'm not asking what a layoff is but how soon till you find out your in the group to get axed. Ex. Bank XYZ says they will layoff ~1000 ppl in IB. How long does it take for a person or specific group to find out they are on the chopping block? Most firms have different groupings/divisions under their umbrella terms for IB, S&T, Corporate, etc. Do employees that are part of the cutback group generally find out same day, few weeks, months? What about when a firm says something like they expect to cut x amount of employees over a year or 2? Generally, how much clarity is disipated?
15 May 2013
So, I feel bad that 550 people from the New York Times are now jobless, but it seems to have given a boost to the company's stock price, which was up almost 2% this morning. The reason given for the cut is that sales of the newspaper have steadily been declining. Apparently people are going ONLINE to get their news and info. Go figure.
08 Sep 2008
According to dealbreaker, Credit Suisse's prop group lost $2 billion in 2009, and are planning on laying off 30% of the group. No idea whether it's true or not.
20 Jul 2010
Fellow Monkeys, I've had a tumultuous start to my career. Prior to graduation at my non-target (3.8 GPA and it does have a top 25 undergraduate Business School) I was a Summer Analyst in DB's Global Markets program 2007. However, I did not receive a full time and as the market slowly started to decline my options after graduation were limited so I accepted an offer in mutual fund sales at a prominent, but small, value investing asset management firm.
02 Dec 2009
Just thought it would be nice to have a thread that includes any firms and/or locations that have had layoffs recently. So if you've heard of any layoffs from MBB, other management consulting firms, econ consulting firms, etc., post them here! I know work is slowing down at most offices, but are these firms starting to shed people as well?
26 Mar 2009
The Thanksgiving holiday is over and, now it's time to get back to work. First order of business? Laying off all those WaMu employees who actually thought they would become a part of the JP Morgan Chase family. LA Times has the full story - http://www.latimes.com/business/la-fi-wamu2-2008dec02,0,6248707.story?t… 9,200 jobs in total will be cut. 4,000 will be notified up front before the end of January, while the rest will be kept dangling and eventually axed before end of 2009.
01 Dec 2008
I just heard that management consultancy monitor cut 20% of its workforce and closed several business units. The entire LA and San Francisco offices are probably wipedin a round of "rightsizing". I assume other consultancies must be feeling the crunch as well. Anyone know more about how consulting firms are performing right now?
08 Sep 2008
Hi, Newbie chimp here - I came across a post on blind about Layoffs reported in Bank of America on a website called 6figr But this seems to be only for California now, I was wondering is there a place to find something similar for the East Coast jobs? Thanks!
25 Jan 2019
Won't name as i heard it through the grape vine, its not a BB but certainly large by european standards. Yikes. I say, yikes, from a prop shop thats doing ok, i couldn't give a damn about dem suits.
13 Dec 2012
I was a sophomore SA at a BB this past summer, and am returning there again for this coming summer. I'm trying to get in contact with a past co-worker in my group for coffee, but my emails are getting bounced back. I spoke to him just last month, so I'm not sure if he got laid off in between that time, or my browser is just acting up. Should I try asking someone else in the group whether or not he got laid off or not? It's a touchy subject, so I'm not really sure whether I should even bring it up. Is this a more appropriate question for HR? Thanks in advance.
30 Jan 2012
Looks like these Wall Street Pink Slip Parties are becoming a monthly event. Apparently this one had 30 recruiters and tons of cheap drinks in attendance. Did anyone go last night or hit up the first one last month? http://www.wallstreetpinkslip.com/ I'm anxious to know if I should try and make my way in next time to enjoy myself, or was the air of desperation and depression so stagnant I'd be better off just sitting at home?
11 Dec 2008
Congrats to Joshua Persky, the out of work banker who strapped on a sandwich board and marched around NYC handing out resumes. All your hard work has finally paid off. Persky was recently hired at Weiser LLP, an accounting firm. http://dealbook.blogs.nytimes.com/2008/12/08/after-unusual-hunt-ex-bank… Wow, and Persky's very own wife appears to be the first congratulatory comment on that article. How sweet. To be fair though, it appears Persky's writing on his personal blog also helped him land the job - http://www.oracleofny.com/ . CNBC and all the
09 Dec 2008
Sure, Wall Street is getting a bad rap right now. AIG is cowering in fear that any modicum of spending will be perceived as another opulent bailout-wasting extravaganza. But just cuz those suckers are under the gun doesn't mean you guys should throw in the towel on your potential firings or cut bonuses. Give 'em hell! DealJournal's Heidi Moore (who is by far the smartest person named Heidi we've ever met or heard of) has a great interview with John Singer of Singer Deutsch law firm which represents bankers and traders in bonus disputes. Is it true what they say, arbitration is always your
18 Nov 2008