Hello 🐠🐟,

I am interviewing for
JPMorgan Chase , Goldman Sachs , Morgan Stanley right now for product management roles.

I wanted to understand if there are risks joining these firms right before a recession? Did any of these firms lay off people due to Covid? How trigger happy are these banks/fin serv firms when it comes to laying people off when the economy goes south?

I am currently at an organization which has never ever had economic layoffs, hence concerned about where I move.

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Posting as :
works at
You are currently posting as works at

I can say MS made a commitment during quarantine time to not lay anyone off due to Covid. I haven’t heard of any layoffs since. This firms are huge and less likely to do it.

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At JP, I hadn’t heard of any RIFs during Covid, but generally they do have regular 5% RIFs. However it’s more so been used as a way to get rid of low performers as it’s a very long process to get rid of someone outside of a RIF. They tend not to do LIFO when doing RIFs because it’s pretty hard to justify that someone that just joined the firm isn’t performing up to expectations since you’d be so new. After a year if you’re still performing poorly then you’d be fair game.

helpful

My first year there was a 25% rif, then a 15% the next year and a 15% after that. We routinely cut people in June and December.

RIF = Reduction in force

helpful

How’d you get those interviews? MBA?

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