Finance

If the economy goes into recession next year, how do you think that will affect us? Are layoffs on the horizon?

likefunny
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Feel like this question gets asked once a day. The answer is no one knows if there will be layoffs. No one even knows if we’re headed to a recession... could just be a temporary dip

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Of course no one knows but for the sake of conversation and a hypothetical, it’s more worthwhile to pose an opinion instead of saying you don’t know. I’m sure the OP didn’t actually think you knew

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Agree with BofA 1. Layoffs in this business are like dust balls: they are always around the corner or under the sofa even if you don’t see them. I had one boss who gave me the best advice ever on my i first day: “You should always be working on your next job starting today!” We were both gone a year later .....

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Adding onto what IBA1 said - even if there are layoffs, it’s generally mid level folks who take the hit. Analysts/associates are cheap labor, MDs tend to be kept around for their proprietary knowledge, relationships etc

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Always assume layoffs are always on the horizon. I’ve been through so many rounds of layoffs, some extremely severe, that I no longer really pay attention

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Not at our level

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Nah

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If there are layoffs it affect people at all levels to be frank. In a normal year banks often prune 2-5% of the lowest performers to replace with higher performers. If there are bigger changes necessary to right size, if tends to affect all levels and be more coordinate - eg happening at the same time throughout a division. I’ve seen several. The best medicine is to keep your head down and keep performing.

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That’s very admirable of you for saying that, MD1. Sr mgmt incentive is usually not aligned with juniors tho, I’ve never heard of someone saying that to me, and at mid level turn over makes senior look bad. This industry...

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