MadamMillie Posted June 14 Report Share Posted June 14 SOLLY SWINGS AX June 14, 2002 -- In a highly unusual move, Citigroup's Salomon Smith Barney paid bonuses to its elite group of first-year analysts this week and then promptly showed most of them the door. At least 50 or two-thirds of Salomon's top-of-the-line analysts were pink-slipped Wednesday, leaving the young Wall Street hopefuls without jobs or prospects. "I've never heard of that happening," said a veteran Wall Street recruiter." These are unusually hard jobs to get." "That's a large percentage. Salomon [in hard times] has let associates go before, but it is unique for them to cut their analysts," said a stunned head-hunter. Analysts - not to be confused with stock research analysts - are the cream of college grads that sign on to Wall Street's tony investment banks for two-year stints. At the end of the second year, most go off to business graduate schools with hopes to return to the Street on graduation - with a leg up on the competition. When they get re-upped, they become third-year analysts, sources explained. "Now they're really at sea," said the recruiter. "How can you recruit a new class when you do this?" asked another head hunter, "It's a bad move." Salomon spokesman Duncan King declined to comment about the layoffs. Insiders at the firm remarked that the 50 laid-off analysts were the most ever let go. "They probably didn't have enough for them to do and they were sitting around despondent," said a recruiter. A new class of 85 raw recruits will start their first year July 1. Analyst pay starts at $50,000 and up, depending on the investment bank. But it's not just the laid-off who should worry. "What's Salomon going to do when markets are better and it doesn't have enough talent?" Quote Link to comment Share on other sites More sharing options...
therunner Posted June 14 Report Share Posted June 14 Originally posted by MadamMillie SOLLY SWINGS AX June 14, 2002 -- In a highly unusual move, Citigroup's Salomon Smith Barney paid bonuses to its elite group of first-year analysts this week and then promptly showed most of them the door. At least 50 or two-thirds of Salomon's top-of-the-line analysts were pink-slipped Wednesday, leaving the young Wall Street hopefuls without jobs or prospects. And I can't get out of my job. Quote Link to comment Share on other sites More sharing options...
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