Jefferies' new job cuts are just some underperformers
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.
Jefferies has been making a few more cuts this week, but we understand that its cuts are not part of a large round of layoffs but simply the timely, unremarkable extraction of a few people whose performance wasn't up to par.
This seemingly includes first year analysts.
Unfortunately, none of this is likely to make life any easier for those let go.
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