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"I've been overwhelmed by the reception."

"I lost my job at Goldman Sachs. Recruiters are all over me"

I was one of the people to lose their job at Goldman Sachs this week. It was a shock - I'd been at the firm for most of my career and hadn't planned to leave. I was one of the senior people cut.

Being RiF-ed, however, has been a revelation. I've been overwhelmed by the reception from recruiters. I don't think I'll have a problem getting back into the market.

Within 24 hours of leaving Goldman, two rival bulge bracket banks reached out to me. Within 48 hours, three headhunters had reached out. Last year was difficult in my space and 2023 is unlikely to be much better, but it's proof that Goldman Sachs people are always in demand.

I don't think it's like this when you leave banks like Credit Suisse.  When people leave Goldman, the Street is interested. I know that rivals have asked headhunters to identify who was let go so that they can pick us up. It's a testimony to the caliber of GS talent.

It's harder if you're junior. People who'd been with the firm for less than a year were let go; unfortunately, they can more easily be replaced with next year's graduates. Experienced talent is harder to find. Most banks are expecting heavy turnover after this bonus round, both from people leaving for boutiques and from people simply leaving the industry. - If you were only planning to work for a few more years, you might decide to retire now rather than hanging on for a market that may not come back until 2024 or beyond. 

Personally, I have no plans to retire. The response to this week's layoffs has been reassuring.  I don't think I'll have much problem finding a new role. 

Jacob Watson is a pseudonym 

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AUTHORJacob Watson Insider Comment

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