Public service announcement- Layoffs have been planned. In the ECM , IB , S&T, Tech areas. Impacted companies - Moelis, UBS, Morgan Stanley, PJT, Jefferies, Evercore, BLK, Citi 100% confirmed. Please prepare and safeguard yourselves. Good luck to all of us Oct/ Nov 2022 Source - we are a group of MDs, EDs in these places with first hand information Posting here to help the community #layoffs #layoff #moelis #pjt #evercore #banking #ubs #creditsuisse #citi #jefferies #citibank #blackrock #finance #financialservices #tech #Fintech #psa #investmentbanking #ib #capitalmarkets #morganstanley
> we are a group of MDs, EDs how are you all sharing one account?
We crowd source info and then one of us posts it. We rotate posting between the few of us to ensure an additional layer of anonymity. This time it is me that is posting. Next time, on the next topic, someone else will post. Hope that answers your question.
I see. It’s still tied to your corporate email id, which is bad opsec. For maximum anonymity you should use be posting via a acct linked to a throwaway web domain (although you do lose your “corporation” name / flag)
All of these companies have annual layoffs, no? Is this any different? Will a considerably larger number of people be laid off?
More than normal
You think JPM and Goldman will follow?
Pretty sure about JP. Not sure about GS although one of us did hear that they've slowed down hiring a lot. Esp. in ops and tech.
Can confirm GS has been in a hiring freeze since mid-June for tech. Not sure about other verticals. Should last until at least September
Thanks for sharing - any rough estimate on the percentage of people that may be affected?
Who says it’s their fucking job to prove it to you, you don’t trust it - that’s your choice
JPM this is blind lol not PHD thesis we’re defending here
Source: Trust me bro
Bank's will never layoff when interest rates are rising. 25 basis point rise yields a billion dollars in additional income. with the current 2.25% federal interest rate hike, Bank's will make 4 to 6 billion in additional revenues. Bank's tend to layoff while recessions are ending, not during the recession. This is because Bank's make money from financial transactions, since they are on opposing side of the transaction. If you are buying , bank is giving you a loan, which it sells to fannie mae and retains servicing rights income. A bad economy means more foreclosures, more financial transactions, more fees. Higher volatility means more income from trading platforms. That said, Bank's always have spreadsheets going with almost everyone in them, so they can cut ppl to boost net income as necessary.
Increased interest rates -> layoffs in mortgage (lower consumer demand) and investment banking (fewer IPOs) Investment banking revenue already crashed, but that could be because the SPAC frenzy is over
Granted we don't do layoffs. We just freeze hiring and right size through natural retention.
Pretty sure Citi isn't gonna have tech layoffs at least for a while. They recently announced they're adding 4000 tech staff.
2 techniques pro, you remove to add or you add to remove. Adding more doesn’t mean there will be no layoffs. It can be called reallocation for better performance and that makes you more trusted next to your client.
Do you mind sharing what you've specifically heard about Morgan Stanley?
Yea curious here too
I am also curious if they layoff just the department in loss (IB currently) or the whole org? I am in flow equities that is doing good because of the volatility. Not sure if I should be worried
Bank of England launches biggest interest rate hike in 27 years, predicts lengthy recession
If you're not in finance, you won't understand. Don't bother. Big tech is better off. You're all in envious positions compared to finance. Good luck with everything. And the answer to your question is Ed/MD roughly translates to Sr director level in tech
Lol Uber! We really need to get off our tech high horses.. one downgrade from Jeffries and your Uber stock will be back in the 10s