Are Reassignments the New Layoffs? RIP Informational Interviews – Weekly IB Recruiting Brief

Good Morning,

• As expected, given the pending holiday, recruiting is dead this week. If you're currently between jobs or seeking a new opportunity, it's an ideal time to get things in order: create a list of target firms, refine your resume, streamline your narrative, and prepare for upcoming interviews. PRP offers affordable 1-on-1 career counseling sessions. We can help negotiate an offer, craft a story or help figure out what is going sideways in your recruiting process. Click here to schedule a chat. Prices start at $399.
• U.S.-based companies announced 42% fewer job cuts in July than they did in June, Challenger said. July job cuts were also 8% lower than the prior-year period, marking the first time this year that monthly job cuts were lower than in 2022.?(WSJ)
• The latest trend in the finance sector, specifically among investment banks, suggests a shift in human resource strategies. The Wall Street Journal reports that while there has been a decline in layoffs, there has been a notable uptick in the reassignments of employees within investment banks. This approach helps banks cut down on costs linked to severance pay and unemployment benefits. Moreover, it might pave the way for bankers to delve into new areas within the bank. However, the Journal highlights that in some instances, employees are strategically moved to roles that may not align with their expertise or preference, leading to potential dissatisfaction and eventual resignations. Warning signs of such potentially unwelcome reassignments can be observed in offers with reduced compensation or mandates for relocation. (WSJ)
• LinkedIn has seamlessly filled the space left vacant by conventional informational interviews. With its structured platform revealing insights into a professional’s journey, endorsements, and aspirations, it’s the favored networking tool, especially in sectors that prioritize reputation and discretion like banking. (Forbes)
• In summary terms, the three things I believe Fed Chair Powell wanted markets to remember from a Jackson Hole speech that took existing content and packaged it in a slight hawkish way:The Fed retains policy optionality near term;The only thing we should know for sure about longer-term policy drivers is that 2% “is and will remain” the central bank’s inflation target; and retain the image of a Fed following the stars in a cloudy sky. (Mohamed El-Erian)

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Career Resource Center

The Death of Informational Interviews in Modern Networking (7 Networking Templates)

Traditional informational interviews are now seen more as passé. There’s a certain cringe-factor when someone sends over a request asking for a “quick 20-minute chat” about their career transition. Given the demanding nature of today’s banking world, few professionals have those 20 minutes to spare. Furthermore, such requests can often appear insincere or inadequately prepared.

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The Power of Campus Recruiters: Unlocking Interviews at Both Target and Non-Target Schools (256 Contacts)

We have curated a list of key recruiting contacts?across private equity firms, private equity?recruiters, investment banking talent acquisition, and investment banking recruiters. Each contact includes their name, title, the firm they represent, and their LinkedIn profile, making it easier for you to directly connect and foster meaningful professional relationships. For less than a price of a pitcher of Margaritas you can make that happen.

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Hot Jobs 8/29

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