IB Layoffs USA Thread 22-23
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All levels at Barclays AN/AS/VP/DIR/MD
What groups laid off Associates? Only heard rumors about SY analysts
macquarie, unsure on levels but it was minimal
GS ~10% of IBD across all groups. Included As 1.5 and 2’s, no analysts
This is false, I know analyst 2's were definitely laid off.
Any at Blair?
Wondering this too
Nope.
Yes. It is being done more discretely than at other firms, but the initial wave of layoffs has already gone out.
details ?
I work at Blair and have not heard anything about layoffs.
All large organizations will reduce headcount. A matter of when, not if, for JPM and MS (sorry guys, am sure you will land on your feet). Suspect early December timing for MS, possible to see further rounds at banks that didn’t cull significantly in the first round (GS was significant for reference)
Heard Deutsche (esp lev fin)
Yeah Heard DB did.
Yeah heard anal 1 were laid off after being on desk for 2 months
Haha anal 1
It's times like these
That it's good to be
At an EB
I read somewhere it was Evercore that also laid off? Or was it some other EB? Could someone confirm?
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whats the reasoning behind this? little capital markets exposure and smaller teams?
BBs are balance sheet banks which have loans outstanding and retail exposure and therefore are in my opinion more susceptible to the harms of a rising rate environment (despite also being exposed to the upside of such an environment within the narrow confines of what kind of spread they can charge).
but more importantly, two things:
1. BBs are astronomically larger organizations with more cost centers. When top line revenue declines those costs will need to be cut commensurately or profitability suffers
2. the biz model of a BB entails being in all markets at all times - it isn’t so important that you be the best in all verticals, just that you are open for business in almost all verticals and therefore ready to cross sell through them / maintain whatever market share you’re accustomed to. Because they are so big they will almost necessarily feel the drag of a wide economic malaise. EBs by contrast focus on their strong-suit. So while some that are tech oriented are probably feeling the pain, they will likely do better because they only maintain serious outposts in spaces where they can be number 1, 2 or 3 - in a recessionary environment they will still see deal flow, and due to the smaller headcount, probably be able to (and need to) hold on to their people yo service said deal flow.
any EB layoffs?
Any intel on MS/JPM?
Truist update?
.
Anything on JPM? - scared incoming SA lol
Your SA will be fine lol… BBs don't recall a SA ever… unless you do something to mess it up of course.
They do, but only in a 2008 type situation.
Follow
Expecting additional layoffs in H1 2023 or is at least a first wave done? Wanted to lateral which ik is not great time but have been tracking for quite a while and there seems to be a decent amount of associate postings but little to no analyst postings.
Bump
Nuking jobs here and there, causing mayhem left and right. Keep the party going, exciting times.
Buyside toasted, sellside torched. ♩ ♭ ♫ ♫
Love this loll I’m sitting at my EB eating popcorn whilst watching shit get turned up everywhere around me 😈
Have any MMs laid off? Besides the WB rumor
Bump.
Heard FT Partners laid off a lot of analysts and associates. 30% in UK total workforce. Bank is down bad.
Can confirm FT let go of quite a few junior bankers
That sounds like a large downsizing. I've heard juniors at FT Partners work really long hours too.
remaining juniors going to be crushed
Someone check on FTPInsider
Any groups at all In Toronto Big 6 laid off? Still see banks like Scotia/RBC hiring analysts and associates on Linkedin - curious how Canadian banks fare during these times.
Also interested in Canadian bank data points
In previous years, RBC has had layoffs in February. Should probably expect a similar timeline
Got an email from TD saying that they cancelled a DCM analyst opening (idr when I had applied to it, maybe a few months ago).
GS 10%
JP Markets, some people were let go in a discrete way in 1H22...if you don't see it on the news doesn't mean it's not happening. (Senior guys affected, small numbers btw)
Any news on IBD?
Bunch of people laid off at Nomura
Wow
Crazy how we went from huge pay bumps/bonuses, threads about every single bank being incredibly busy.... to a thread about layoffs a ~year later.
This is just the start of the layoffs too...
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