| Topic Name: |
Getting into Investment Banking |
| Message Name: |
Article in Crains NY Business... |
| Date Posted: |
07/19/2002 |
| In Reply To: |
NYC I-banks have been laying off like crazy, with rumors of another 15-20% reduction in total industry staffing yet to come.
Can you substantiate this rumor? Thanks! |
| Message: |
... about 2 or 3 weeks ago. The article said that deal flow is at 1999 levels, but firms are still staffed as if deal flow were at 2001 levels - about 15-20% higher. The article concluded that the banks will have to reduce staff by about 15-20% so that staffing matches deal flow.
Also, a friend in MIS at Goldman tells me they're getting prepared for "big" layoffs in August.
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