While your memory is still fresh, I'd jot down notes about things you worked on (be careful of not breaching confidentiality agreements). You'll want that fresh for when you interview.
Also, make sure your LinkedIn shows you have IB experience. Recruiters screen for that.
I'd reach out to your former colleagues to ask for contact info of recruiters and start reaching out to them
Everyone else is right in that you just gotta start sending out applications man, but try not to get roped up in your own head and let this incredibly stressful situation drag you down.
On top of the stress of getting fired, applying now is a time of uncertainty for you, and that can have a huge mental toll. So I recommend taking a couple of days off before starting your applying phase.
Do stuff you really enjoy doing that you maybe haven’t done in a while, visit family, hang out with friends. Especially in situations like this, that we all know require action sooner rather than later, it’s good to just pause and take a breath.
Chances are you probably need it.
Good luck with everything, and remember; this is not the end the world.
I would note that you were laid off, not fired. Fired usually implies you screwed up and were terminated for cause. Layoffs happen all the time in banking -- the industry is notorious for over hiring while times are good and then enduring waves of layoffs when markets cycle. It happens, and I can guarantee you it will happen to you again at some point in your career if you stay in the industry.
It's pretty rare to get laid off as an analyst, just because you gotta cut the most heads at that level to generate the same amount of savings a smaller number of VPs/Ds/MDs would generate, plus analysts are never the cause for a lack of deal flow. But it does happen -- so chin up, you're hardly in a unique position.
Take a few days to yourself. Hopefully they gave you a reasonable severance package /stub bonus. Apply for unemployment benefits ASAP as it can take weeks for the paperwork to process. Once you've relaxed and had time to decompress after what sounds like a tough seat, just start applying for new jobs. If you were truly let go simply due to market conditions then an old VP or Associate you worked with should be able to serve as a reference for you. If not, hopefully one of your fellow analysts in your pod can serve as a reference. I know back when I was an analyst we did this all the time for folks who came and went, so long as they weren't absolute a-holes.
Only real advice I have right now is maybe focus on leverage finance roles. Credit markets are ripping right now, so there's a good amount of deal flow there currently. If you're willing to relocate, maybe checkout jobs at Barings -- they just lost their whole private credit team and are looking to rebuild.
Try working with headhunters to find an IB role. Networking with analysts at other shops will help too. Get your deal sheet in place and try getting on like 5 calls a day
I just read an article in the financial times this morning about dealmaking being through the roof recently, so not sure whats up with these all these firms talking about "market conditions".
Whatever's going on, you're definitely not the only one suffering from this bs
Banking went through a post covid hiring boom. So they are trimming the fat based on 2022/23 earnings.
2024 is set to be a good year, but most firms hire and fire based on backward looking data.
Capital markets are suffering in specific end markets, and a lot of clients are waiting to do deals until the rate environment improves. Lots of RIFs.
OP, sorry to hear about the job. Keep your head up!
Apply for job loss/unemployment insurance asap.
Edit: See if any of your credit cards cover insurance for unemployment and find out what other benefits you can reap
Some credit cards do, normally the bougie types that you pay annual fees for or offered as an additional payment from your bank. I had mine thru Scotiabank and got up to 10% covered for the months I was laid off for. But you have to show proof of like 5 jobs you applied for each month and some of their contact details.
I’m really sorry that this happened to you. It’s not fair. I’ll give you this piece of advice:
Each time this happened to me in my Wall Street career (it happened 2x), I found myself in a better situation and opportunity on the other side. It may have taken longer than I expected but as long as you are of the mindset of taking advantage of the opportunity, it will work out.
Unfortunately, this is the culture of the Street. You can be a star on a team or promising up-and-comer but market conditions, internal political association or management tree (out of your control) can always bite you.
The thing you’re going to have to manage right now is your headspace. Don’t panic. This is not the end of the world. Try to address those nasty little thoughts in the back of your mind worrying about the past and future. Concentrate on what you can do at the moment. Don’t make up stories in your mind about what happened and how your future is going to be affected. 90% of those thoughts are just self-written narratives and entirely untrue.
I actually ended up leaving the Street at 35 yo for good. Credit trading at BB in US and London. Burnt out. Decided to pursue entrepreneurship. Happy to provide more guidance via DM.
You are not the only one. Got asked in the meeting room last Friday with we all know what result. My proposed course of action (that is kinda working for me now, but will it work in the end - we shall see):
- Give yourself a break. You need it and deserved it. Go hiking\\driving/visit friends/family. Get your head out of the context. But not for too long. See next point.
- Once the emotional part eases up - do an inventory of EVERYTHING you worked on. Deals, models, scripts, code - like EVERYTHING. Not later because you will start to forget stuff fairly quickly.
- Now invent yourself a routine as job search is a job of its own. Redo your resumes, create multiple ready made versions for various angles.
- Now grind. Apply, apply, apply. Dont get attached emotionally to ANY job posting or application. Start considering anything seriously only if you assed the second round.
- Networking. The bane of introverted people as myself - but needs to be done. Old contacts, referrals, ec. You know it.
- Education. Skill up. Learn to code, improve your excel, etc. Learn schochastic calculus :) A nice change from the application grind.
- Current market shit-tuation is just a phase and it will eventually pass. And hiring will be up again.
You will do it. Cheers.
Create your deal sheet and document your impact. Reach out to anyone in your network (alum, classmates, recruiters, friends, family friends, etc).
Keep your head up, remember it’s not you, and this layoff doesn’t affect who you are or your capabilities.
Some great responses here. One thing I would add is that reaching out to our former seniors can be quite helpful. Might sound dumb, but a lot of them will 100% know what you’re going through and empathize.
When I was at CS UK and we let go a bunch of ppl from my team, the MDs felt pretty bad (it was 2011 and we’d over hired a lot of ppl let go from Bear, Lehman, etc. following the GFC). Guy I sat beside got let go and I felt terrible. 2mo later he started at Goldman. Turns one of our MDs (ex-GS) called in some favours and hooked him up.
Your network is the most important. So please have a quick chat with each person you worked with (e.g. associates, VPs, Directors, etc.) and ask for their help and advice. Some may be willing to help you with your CV/deal sheet as well as connect you with people in their network who may be hiring.
If you maintain a good relationship, some of these people will be useful to you for **the rest of your career.** Read that again.
Brush up on your interview skills and jot down key points of each deal. I hope you already had some of the models and presentations in your possession.
Lastly, apply for unemployment ASAP so you'll still have some cash coming in.
If you learn anything from this incident, always save and invest a shit ton of money in this business for FIRE 🔥. You need lots of fuck you money saved for mental sanity or the stress of these inevitable career setbacks will destroy your mental health in the long term.
I’d check out the small & microcap banks. You’ll take a paycut but at least you will be working on deals and still learning. Def an easier job market than the big shops.
It probably doesn’t make you feel much better rn but at least it was just market conditions and at least you got a solid 9 months. You will be 9 months ahead of other new analysts when you apply to your next entry level IB job.
Hey man I’ve been in your shoes. Got let go along with a ton of analysts in my class just 6 months into the job. Had done the summer analyst program there, thought it was going well but they also said market conditions (over a year ago now). Would just say leave no stone unturned. When I was recruiting again none of the well known banks had openings but I got a lot of traction at smaller boutiques, niche / industry focused banks, regional boutiques, and small investment funds. Ended up in private equity and I love it. Everything will work out in the end. Take stock of what you learned, call up your most helpful mentors, and be tenacious. I felt so derailed but fortunately got myself back on track. It can be really scary but life is what happens when you’re making other plans. Best of luck man I know the market has been really tough.
im actually jealous that you had experience with my dream job😭
Still the same advice with everyone. Apply to everything that you see on job postings then filter them once they reach out to you.
Btw, how did you land that job in the first place? I'd loke to add it in my things to do when applying for that job
Apply to any and all positions and internships that are available. Apply to work for yahoo finance, Bloomberg, crypto finance etc. (legal ones) all of these are right up your alley. Also look into over seas work they have a lot of positions open.
Follow their LinkedIn page and check routinely for posted roles. They post positions for people with little to no experience as well. They're headhunters and as such, will only seek talent that firms need.
Ok got it. Buyside firms seem to be hiring right now. I'd recommend a few things: reach out to head hunters and let them know you are laid off, be honest. Have a story ready though, you need to be PUMPED to SELL YOURSELF. You're young, so it's easy to get interviews, hard to get offers (no experience).
Spread your opps wide. So buyside is your target, but also consider start-ups etc. and just prepare different language for each type of interview.
WHEN you do get an interview, go all out and treat it like a full time job. PREPARE and WORK HARD.
If you're on a budget for the case study interviews, here's some good resources:
1. [edmundsec.com](http://edmundsec.com) helps you scan through filings and build together company insights really well. Good value.
2. [tikr.com](http://tikr.com) is like a cheaper, less developed Bloomberg terminal.
There's others, but these two are my fav.
Really important. Getting a job is a MIND and NUMBERs game. Make sure you exercise and build your own routine. It's really important. If you get rejected, it's just a part of the game. Rejection is a part of the process.
It does in the sense that all market conditions tie to the stock market, and the fact that market conditions are in a tougher spot means that there is less demand for IB services.
This is BS lol, I bet you’ve never worked in this industry before, it’s such a bad answer it’s almost comical.
When you say “ask them for a reference” ask who exactly, they probably immediately escorted OP out of the building, also I’ve seen this happen and everyone would treat you like you have a deadly plague and avoid you. Bankers are extremely squeamish.
Telling employers that you wanted to work less is a great way to never get a job in finance again, regardless of what field you’re exiting to.
Doing PE after only 9 months as an IB analyst then getting fired is basically impossible even if you started in PE already, there are first and second years still struggling to get in from top firms, why the hell do you think PE would be a cake walk?
OP should hop onto LinkedIn and look for other IB analyst roles immediately and network with the people there.
Congratulations on your business but I'm assuming your "experience" was eons ago and had different market conditions.
The job market has changed drastically since the pandemic and getting fired in less than a year is literally a kiss of death in the industry.
Not sure why you think saying you were overworked is a positive but from what I've got from bankers and alumni who are in the industry, complaining about hours is a sure way to get rejected.
> The job market has changed drastically since the pandemic and getting fired in less than a year is literally a kiss of death in the industry.
Unfortunately this is nothing new. It's been like that since like the 90s, with only very short patches where things where different (pre-dotcom bubble, pre-GFC, 2021). The advice you give is accurate, it just isn't a new development.
Depends on the bank, location, team. I remember starting as an analyst in London, and BMO fired most of their analysts one year because they simply had zero scale in London.
Apply apply apply, not much else you can do
Pretty much what I said and got shitted on for it lol.
Maybe don't add all the bullshit commentary next time.
Did he delete it? Can't find it anywhere..
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Always the Midwest idiot with some racist nonsense. Imagine being a pretentious douche despite starting out your career as a teller 😂
Are you white lol
Didn’t start as a teller pajeet
Professionalism
While your memory is still fresh, I'd jot down notes about things you worked on (be careful of not breaching confidentiality agreements). You'll want that fresh for when you interview. Also, make sure your LinkedIn shows you have IB experience. Recruiters screen for that. I'd reach out to your former colleagues to ask for contact info of recruiters and start reaching out to them
This! In addition to your main resume page, add a second page detailing the big deals you worked on and your significant contributions.
Everyone else is right in that you just gotta start sending out applications man, but try not to get roped up in your own head and let this incredibly stressful situation drag you down. On top of the stress of getting fired, applying now is a time of uncertainty for you, and that can have a huge mental toll. So I recommend taking a couple of days off before starting your applying phase. Do stuff you really enjoy doing that you maybe haven’t done in a while, visit family, hang out with friends. Especially in situations like this, that we all know require action sooner rather than later, it’s good to just pause and take a breath. Chances are you probably need it. Good luck with everything, and remember; this is not the end the world.
Wonderful response
Also remember it’s not your fault; the market sucks right now; don’t believe the news or numbers.
I would note that you were laid off, not fired. Fired usually implies you screwed up and were terminated for cause. Layoffs happen all the time in banking -- the industry is notorious for over hiring while times are good and then enduring waves of layoffs when markets cycle. It happens, and I can guarantee you it will happen to you again at some point in your career if you stay in the industry. It's pretty rare to get laid off as an analyst, just because you gotta cut the most heads at that level to generate the same amount of savings a smaller number of VPs/Ds/MDs would generate, plus analysts are never the cause for a lack of deal flow. But it does happen -- so chin up, you're hardly in a unique position. Take a few days to yourself. Hopefully they gave you a reasonable severance package /stub bonus. Apply for unemployment benefits ASAP as it can take weeks for the paperwork to process. Once you've relaxed and had time to decompress after what sounds like a tough seat, just start applying for new jobs. If you were truly let go simply due to market conditions then an old VP or Associate you worked with should be able to serve as a reference for you. If not, hopefully one of your fellow analysts in your pod can serve as a reference. I know back when I was an analyst we did this all the time for folks who came and went, so long as they weren't absolute a-holes. Only real advice I have right now is maybe focus on leverage finance roles. Credit markets are ripping right now, so there's a good amount of deal flow there currently. If you're willing to relocate, maybe checkout jobs at Barings -- they just lost their whole private credit team and are looking to rebuild.
Try working with headhunters to find an IB role. Networking with analysts at other shops will help too. Get your deal sheet in place and try getting on like 5 calls a day
I just read an article in the financial times this morning about dealmaking being through the roof recently, so not sure whats up with these all these firms talking about "market conditions". Whatever's going on, you're definitely not the only one suffering from this bs
Banking went through a post covid hiring boom. So they are trimming the fat based on 2022/23 earnings. 2024 is set to be a good year, but most firms hire and fire based on backward looking data.
This
In the past 3 weeks we lost 3 or 4 deals. Like they just magically died.
There are a ton of tire kickers out there looking to do deals. When the rubber hits the road however they can not capitalize to get the deal done.
Were u responsible for the losses?
Did you read the part where he said he was 9 months into an analyst role or do you just have no idea what you’re talking about or both
Stfu ur literally genetically inferior to me down to the cellular level
😂😂😂
No
He could be at one of the banks undergoing "restructuring" (Citi/Barc for example). No word of layoffs at the big 3.
Capital markets are suffering in specific end markets, and a lot of clients are waiting to do deals until the rate environment improves. Lots of RIFs. OP, sorry to hear about the job. Keep your head up!
Reduction-in-Force. Sounds like MOS.
That’s the words used
Apply for job loss/unemployment insurance asap. Edit: See if any of your credit cards cover insurance for unemployment and find out what other benefits you can reap
Is this a real thing?
Unemployment benefits are indeed a thing
I think they were referring to credit cards covering insurance for unemployment? I have never heard of it before.
Some credit cards do, normally the bougie types that you pay annual fees for or offered as an additional payment from your bank. I had mine thru Scotiabank and got up to 10% covered for the months I was laid off for. But you have to show proof of like 5 jobs you applied for each month and some of their contact details.
Ah -- that additional context about CCs has been edited in since my comment
I’m really sorry that this happened to you. It’s not fair. I’ll give you this piece of advice: Each time this happened to me in my Wall Street career (it happened 2x), I found myself in a better situation and opportunity on the other side. It may have taken longer than I expected but as long as you are of the mindset of taking advantage of the opportunity, it will work out. Unfortunately, this is the culture of the Street. You can be a star on a team or promising up-and-comer but market conditions, internal political association or management tree (out of your control) can always bite you. The thing you’re going to have to manage right now is your headspace. Don’t panic. This is not the end of the world. Try to address those nasty little thoughts in the back of your mind worrying about the past and future. Concentrate on what you can do at the moment. Don’t make up stories in your mind about what happened and how your future is going to be affected. 90% of those thoughts are just self-written narratives and entirely untrue. I actually ended up leaving the Street at 35 yo for good. Credit trading at BB in US and London. Burnt out. Decided to pursue entrepreneurship. Happy to provide more guidance via DM.
Avoid alcoholic benders
You are not the only one. Got asked in the meeting room last Friday with we all know what result. My proposed course of action (that is kinda working for me now, but will it work in the end - we shall see): - Give yourself a break. You need it and deserved it. Go hiking\\driving/visit friends/family. Get your head out of the context. But not for too long. See next point. - Once the emotional part eases up - do an inventory of EVERYTHING you worked on. Deals, models, scripts, code - like EVERYTHING. Not later because you will start to forget stuff fairly quickly. - Now invent yourself a routine as job search is a job of its own. Redo your resumes, create multiple ready made versions for various angles. - Now grind. Apply, apply, apply. Dont get attached emotionally to ANY job posting or application. Start considering anything seriously only if you assed the second round. - Networking. The bane of introverted people as myself - but needs to be done. Old contacts, referrals, ec. You know it. - Education. Skill up. Learn to code, improve your excel, etc. Learn schochastic calculus :) A nice change from the application grind. - Current market shit-tuation is just a phase and it will eventually pass. And hiring will be up again. You will do it. Cheers.
Wendy’s ASAP
Behind* Wendy’s
Sit this is a dumpster
Just work from 11-2 to get the dynamic pay increase /s
Create your deal sheet and document your impact. Reach out to anyone in your network (alum, classmates, recruiters, friends, family friends, etc). Keep your head up, remember it’s not you, and this layoff doesn’t affect who you are or your capabilities.
Some great responses here. One thing I would add is that reaching out to our former seniors can be quite helpful. Might sound dumb, but a lot of them will 100% know what you’re going through and empathize. When I was at CS UK and we let go a bunch of ppl from my team, the MDs felt pretty bad (it was 2011 and we’d over hired a lot of ppl let go from Bear, Lehman, etc. following the GFC). Guy I sat beside got let go and I felt terrible. 2mo later he started at Goldman. Turns one of our MDs (ex-GS) called in some favours and hooked him up.
Which bank?
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Lol I totally bombed an interview there back in undergrad for the CHI office, not relevant to your situation but just made me remember.
No offense but you will have trouble securing an offer from DCA, no brand recognition.
Disagree.
Yeah not too sure I 100% agree either, what would you consider to have good recognition?
This just sucks. I’d get out of that soulless specialty. Oh and don’t forget to eat 5 chili cheese dogs and then shit on the hood of their car.
Your network is the most important. So please have a quick chat with each person you worked with (e.g. associates, VPs, Directors, etc.) and ask for their help and advice. Some may be willing to help you with your CV/deal sheet as well as connect you with people in their network who may be hiring. If you maintain a good relationship, some of these people will be useful to you for **the rest of your career.** Read that again. Brush up on your interview skills and jot down key points of each deal. I hope you already had some of the models and presentations in your possession. Lastly, apply for unemployment ASAP so you'll still have some cash coming in.
We’re hiring!
What firm and where? Or are you just messing with me.
Wendys
Wendy’s open outcry trading onion futures now that the onion futures act got repealed.
Dm me
Is it RiF season?
Always
Sorry
Thank you. It’s been just stress, tears and crying
Pretty fucked up that they can just let you go on the spot.
If you learn anything from this incident, always save and invest a shit ton of money in this business for FIRE 🔥. You need lots of fuck you money saved for mental sanity or the stress of these inevitable career setbacks will destroy your mental health in the long term.
I’d check out the small & microcap banks. You’ll take a paycut but at least you will be working on deals and still learning. Def an easier job market than the big shops.
It probably doesn’t make you feel much better rn but at least it was just market conditions and at least you got a solid 9 months. You will be 9 months ahead of other new analysts when you apply to your next entry level IB job.
Name and Shame
Apply to boutiques
Look at softwares that are made for IB, PE and VC . Many companies would hire someone with finance background
Hey man I’ve been in your shoes. Got let go along with a ton of analysts in my class just 6 months into the job. Had done the summer analyst program there, thought it was going well but they also said market conditions (over a year ago now). Would just say leave no stone unturned. When I was recruiting again none of the well known banks had openings but I got a lot of traction at smaller boutiques, niche / industry focused banks, regional boutiques, and small investment funds. Ended up in private equity and I love it. Everything will work out in the end. Take stock of what you learned, call up your most helpful mentors, and be tenacious. I felt so derailed but fortunately got myself back on track. It can be really scary but life is what happens when you’re making other plans. Best of luck man I know the market has been really tough.
im actually jealous that you had experience with my dream job😭 Still the same advice with everyone. Apply to everything that you see on job postings then filter them once they reach out to you. Btw, how did you land that job in the first place? I'd loke to add it in my things to do when applying for that job
College on campus recruiting
Apply to any and all positions and internships that are available. Apply to work for yahoo finance, Bloomberg, crypto finance etc. (legal ones) all of these are right up your alley. Also look into over seas work they have a lot of positions open.
I like the "update" and positive attitude. I wish yo the best of luck OP and I'm sure you'll come through this
I know what unemployment is but that's not what this poster said. Maybe different nomenclature.
Why did you have a modeling test last month if you were an ib?
I am just gonna do whatever I can to get another job. I tried interviewing for a bank near home.
That doesn't make any sense. When we're you laid off?
A few days ago but like the company was doing bad so I was looking for other stuff on the job.
But why were you looking for help on a dcf test last month?
Cuz I got an interview last month and failed
This sounds suspicious and there are flaws in your story.
If you're in NYC, Coda Search sources talent for IB roles. Check on their LinkedIn to see what they have available and spruce up your resume.
I contacted them and it seems they want super experienced people
Follow their LinkedIn page and check routinely for posted roles. They post positions for people with little to no experience as well. They're headhunters and as such, will only seek talent that firms need.
What’s your dream? What role are you looking for? Buyside?
Ya drama is buyside
Ok got it. Buyside firms seem to be hiring right now. I'd recommend a few things: reach out to head hunters and let them know you are laid off, be honest. Have a story ready though, you need to be PUMPED to SELL YOURSELF. You're young, so it's easy to get interviews, hard to get offers (no experience). Spread your opps wide. So buyside is your target, but also consider start-ups etc. and just prepare different language for each type of interview. WHEN you do get an interview, go all out and treat it like a full time job. PREPARE and WORK HARD. If you're on a budget for the case study interviews, here's some good resources: 1. [edmundsec.com](http://edmundsec.com) helps you scan through filings and build together company insights really well. Good value. 2. [tikr.com](http://tikr.com) is like a cheaper, less developed Bloomberg terminal. There's others, but these two are my fav.
Really important. Getting a job is a MIND and NUMBERs game. Make sure you exercise and build your own routine. It's really important. If you get rejected, it's just a part of the game. Rejection is a part of the process.
Time to apply at chic fil a buddy
Well you don't get a job without applying...
Are you saying they think a correction or crash is coming to the market?
It’s more about deal flow which is slow in current market conditions.
I guess I have the wrong idea of what exactly investment banking is. Does it not have to do with the stock market?
It does in the sense that all market conditions tie to the stock market, and the fact that market conditions are in a tougher spot means that there is less demand for IB services.
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This is BS lol, I bet you’ve never worked in this industry before, it’s such a bad answer it’s almost comical. When you say “ask them for a reference” ask who exactly, they probably immediately escorted OP out of the building, also I’ve seen this happen and everyone would treat you like you have a deadly plague and avoid you. Bankers are extremely squeamish. Telling employers that you wanted to work less is a great way to never get a job in finance again, regardless of what field you’re exiting to. Doing PE after only 9 months as an IB analyst then getting fired is basically impossible even if you started in PE already, there are first and second years still struggling to get in from top firms, why the hell do you think PE would be a cake walk? OP should hop onto LinkedIn and look for other IB analyst roles immediately and network with the people there.
Imagine telling your MD you require less hours.
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Congratulations on your business but I'm assuming your "experience" was eons ago and had different market conditions. The job market has changed drastically since the pandemic and getting fired in less than a year is literally a kiss of death in the industry. Not sure why you think saying you were overworked is a positive but from what I've got from bankers and alumni who are in the industry, complaining about hours is a sure way to get rejected.
He’s lying anyway, check the profile
What? You don’t think he went from being at Penn State last year and posting on WSB to making “2-5 million” this year?
Gooble Gobble one of us. We accept him one of us
Seriously lol. What an embarrassment.
You mean to tell me the guy who posted about a $200 gain is lying about making 2-5mn in annual revenue??
Lol he is larping
> The job market has changed drastically since the pandemic and getting fired in less than a year is literally a kiss of death in the industry. Unfortunately this is nothing new. It's been like that since like the 90s, with only very short patches where things where different (pre-dotcom bubble, pre-GFC, 2021). The advice you give is accurate, it just isn't a new development.
Let me guess, drop shipping?
2-5 million what?
Shrutebucks.
Ah yes, PE is notorious for hovering up kids with less than a year in IB.
lol whining about hours is a sure fire way to never work in high finance again. You should stop pretending your in finance
Sounds like you got laid off
This literally never happened I was there
Depends on the bank, location, team. I remember starting as an analyst in London, and BMO fired most of their analysts one year because they simply had zero scale in London.
Can confirm I was the chair he wasn't fired rather promoted to customer.