Jefferies quietly cut some analyst jobs
There's a sad reality in the realm of investment banking job cuts, which is that if you're cut during a period of pervasive carnage you're probably better off than if you're cut during a period of light pruning.
Pervasive carnage cuts are those for which the individuals effected are absolved of any blame. They are cuts made by virtue of the markets, or the economy, or the geopolitical situation.
Cuts during a period of light pruning are more likely to focus on individual underperformers. If you're let go in this situation, it can be harder to find another job elsewhere.
It's not clear which category Jefferies cuts fall into this week. The bank isn't commenting, but some there are saying there's nothing to see and that this is just an annual cull of low hanging underperformant fruit. Others say it's symptomatic of poor performance of the whole business and that top performing analysts are among those let go.
This seemingly includes first year analysts, including those who were highly ranked.
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