Whispers of hiring freezes and even layoffs have begun to circulate at financial firms as soaring interest rates and recession fears have tanked appetites for mergers and other big corporate deals.
to unprecedented heights, partly because of a feeding frenzy for so-called “blank check” companies, or SPACs — a new vehicle for taking companies public quickly that sparked a unprecedented deal volume last year as the pandemic waned.
“Banks brag about how they manage costs in relation to revenue,” Wells Fargo banking analyst Mike Mayo told The Post. “My advice to investment bankers is don’t spend this year’s bonus in the Hamptons just yet.” Last year, junior bankers at Goldman Sachs, helmed by David Solomon, leaked a Power Point presentation about being overworked.“The next couple of months are actually a great time for underperformers,” a source said. “Banks are holding onto everyone — If they fire someone they might not get the approval to rehire anyone.”Likewise, junior bankers’ 100-hour work weeks have in some cases shrunk to between 50 and 60 hours, according to sources.
“It’s the worst-kept secret that layoffs will happen,” another insider observed. “There is an entire generation that has never been through an economic downturn. It’s going to be new and painful for a lot of people.”
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