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Class of 2010 here. Saw a bunch of folks in the 07-08 classes scrambling to find jobs after Lehman, Bear Stearns, etc. started going under. My internship and FT search was probably a lot harder than it should have been - tons of people competing for fewer spots.
The middle range (senior associates to VPs) was where the most volatility and uncertainty seemed to be. Too junior to have any significant amount of seniority, too senior to be cheap enough to keep around.
We were overstaffed in IBD in general coming into the downturn, mgmt would rather keep someone doing 50% of the job than fire them and lose the time hiring someone new. I was cut in fifth round in early 2009 (have since returned - let me tell you, never burn a bridge - and while work closely with them, am also not a banker, full disclosure) but GS tried to move Analysts into roles that would get them thru the downturn so they could restaff once deal volume started building up again. I don’t doubt it was a lesson learned for a lot of banks.
Yes, unfortunately analysts are also let go during downturns.
Yes- was an analyst during the downturn and yes analysts were let go. However, some of the BBs did it at your option and offered pretty large payouts for analysts who voluntarily left (so they didn’t have to make choices at the analyst level)
From what I hear, the BBs realize they fucked up during the crisis by firing analysts and underhiring juniors because once markets got better, they had no one groomed and ready to go. I’ve heard at JPM at least that they won’t make the same mistake twice. Honestly I hope there’s a short downturn so the firm becomes less top heavy