Layoffs are hitting Wall Street. Here's what you can do to land on your feet if you lost your gig.
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Dan DeFrancesco
Jan 12, 2023, 18:54 IST
A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City.Spencer Platt/Getty Images
It's almost Friday, and thank God for that.Dan DeFrancesco checking in from what is a solemn New York after some brutal job cuts (more on that in a bit).
The big US banks will begin reporting Q4 and year-end earnings on Friday, and the news isn't expected to be good. As a result, we could see even more layoffs in the coming weeks.
All of that is to say, after a good run of things on Wall Street, the tide is starting to turn.
So what do you do now? I called a Wall Street recruiter to pick their brain on advice they'd give to those who just lost their jobs. And while this person's focus is more on the buy side, I think the general advice they provide still applies across the industry.
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Whether you've just lost your gig, or are worried you could be next on the chopping block, here are some tips:
1. Find your niche
No one wants a generalist these days, the person said. Expertise is what firms are looking for now, so lean into any specific areas you have a background in. Play up any niche talent you might have. And if you don't have one, work on getting one.
There are subsectors of subsectors these days, so it doesn't hurt to be able to go deep on a topic. There is a lot more benefit to knowing a lot about a little than a little about a lot.
So don't worry about being esoteric. It doesn't necessarily mean you're limiting your options. In fact, you might be improving them.
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2. If you're young, consider going back to school
Have you been regretting not getting that secondary degree? Now might be your chance.
While it's true some application windows have closed for business schools, there is still time to apply.
I'm not here to debate the value, or lack thereof, of getting an MBA. But if you've just lost your job and don't have a ton of viable options, that could be a smart path for your to take, this person said.
For everything you could possible want to know about getting an MBA — from weighing the pros and cons to how to put together the best application — check out our ultimate guide.
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3. Get back in as quick as you can
This might be the hardest bit of advice to swallow, but it could also be the most important.
As appealing as it might seem to use this as a way to take some time off, that's probably not a good idea.
Maybe that means consulting for companies as you look for a full-time gig. That's not an ideal situation, but at least it keeps your foot in the door in the industry.
And while you might also view this as a chance to relocate to a so-called Zoomtown, understand that might be a tough sell for your new employer, this person added.
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Finance firms, for the most part, want people back in the office, this person said. Getting used to a WFH setup will only make it harder to get back in the swing of things when you do land a new gig.
2. More bad news for bankers: Bonus season is here, and it's going to be brutal. The nation's biggest banks are set to announce year-end bonuses. We're got a rundown of when Bank of America, Citi, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo will let staffers know. Here are the important dates.
3. Balyasny mints a new class of partners. Finally, some good news. This newsletter was starting to be a drag. The $17 billion hedge fund added seven new partners in what is only the third time the firm has expanded its partnership. See if you owe anybody a congratulatory email.
6. Wall Street did not have a good showing on a list of the best places to work. Big banks were nowhere to be found on Glassdoor's list of the top 20 employers according to US workers. But there were some familiar names that did make it. Check out the entire list here.
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7. Wanted: Someone to run Citigroup's wealth business. Jim O'Donnell, the bank's global wealth-management chief, is changing roles as the bank looks for a new head, The Wall Street Journal reports. More on Citi's leadership shuffle.
10. This is not a drill: Girl Scouts' cookie season is upon us. And before you sign up for a pallet of Thin Mints or Samoas, you might want to read up on a brand new flavor. More on the newest enemy to your New Years' diet.
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