Sad day for me

I just learned that I got let go by my company today. Nothing wrong with my performance, company is just facing redemption (small hedge fund, Boston) or at least that’s what they told me. Pretty sad about the situation. Also a bit confused and shocked. Sorry for the personal outburst.

Welcome to the industry. It sucks sometimes. Don’t let it get to you. Take a couple days, relax, go for a run, workout, get some pizza and beer and just unwind. Later this week brush up the resume and get back into it. Easiest way to get over a girl is to get under a new one. The same principal applies to job hunting. Because in this industry, we’ll all be fired once or twice every 10 years no matter what our performance. It’s science. haha. Best of luck! Although it doesn’t seem like it, a new door just opened.

wierd science!

i definitely understand your situation – as i’m sure you do, as this is the nature of wall street. however, as strikershank noted, what may not seem immediately apparent to you is that your situation has actually created a new opportunity for you to move on to better things. besides, it’s clear that your company is pretty exposed to the economic cycles – if things weren’t going to happen now, what would prevent them from happening in the future? you have a chance to move on to something better and more stable now, without having to feel “guilty” about searching for a job while you are already employed (not that you ever should, but anyway)… take a few days to relax, collect your thoughts, and then spruce up your resume and start reaching out to headhunters and anyone in your personal network. i can give you some recommendations for headhunters as well, just shoot me an email at porcupines AT gmail if you’re interested and explain what exactly you’re looking for.

Thanks Numi, I’ll send you an email in the coming days (just need some time to let everything sink in).

If you’re not in any financial bind, I would getaway to somewhere to unwind taking my laptop with to search for employement. Vacations are far and few between for me…

KJH Wrote: ------------------------------------------------------- > If you’re not in any financial bind, I would > getaway to somewhere to unwind taking my laptop > with to search for employement. Vacations are far > and few between for me… One or the other. I would personally avoid looking for a job while on vacation. I would be too worried with finding a job and wouldn’t be able to relax. And best of luck in your new hunt. I’m young enough to not know what it feels like to be let go, although I watched people younger and older get escorted out the door for nonperformance reasons over the last few months.

sorry to hear. although, i have not been sent home yet, i have a feeling it’s coming due to same redemption issues you mentioned… the hf bubble has officially burst.

I’m sorry, bro. Did you at least get 3 months comp?

Hey man, i am in boston. Drop me an email at grover.grover33 at gmail.com, maybe i can help keep my eyes out for you. Im in a similar mode for myself, as well. So sometimes another pair of eyes helps.

negativefcf, feel free to contact me anytime. i will say that the hiring environment for hedge funds isn’t great right now, as you might imagine – and it has slowed even more over the last couple weeks according to my recruiter contacts. however, it never hurts to start floating your resume out there. i can give you contact information for about half a dozen places that i would recommend personally, and at least during the summer time, they had some pretty high-quality leads for hedge funds and private equity (for the latter, hiring is essentially non-existent at this time, so remember that things could always be worse)

kkent Wrote: ------------------------------------------------------- > I’m sorry, bro. Did you at least get 3 months > comp? I didn’t get any severance pay. It’s a small shop. Is it normal to get some form of severance pay?

don’t u at least get 2 weeks of pay?

They’re giving me 6 weeks, kinda generous of them (PMs are good people there). Is that what we considered “severance pay”? Sorry, if I sound like a newbie, this is all new to me. Thanks.

some places give you severance, others don’t. 6 weeks sounds ok.

6 weeks is ok depending on how long you’ve been there. if you’re just an analyst then that’s pretty generous i think.

negativefcf Wrote: ------------------------------------------------------- > kkent Wrote: > -------------------------------------------------- > ----- > > I’m sorry, bro. Did you at least get 3 months > > comp? > > > I didn’t get any severance pay. It’s a small shop. > Is it normal to get some form of severance pay? Dude, it’s not abnormal, it’s typically illegal. (may be loopholes if you’re not a normal salaried employee) [Sorry, didn’t see the 6 weeks post when I first posted. 6 weeks is about par for the course. 6 weeks plus pro-rated bonus is about as generous as it would get for someone our age] Hold your head up man, it’s a tough market and I’ve definitely seen a lot of highly qualified peers get shown the door over the last couple of months. I was talking to a senior guy about it and he said “It’s not as bad to be [a young 20-something], people always need analysts”…

Wish I could say I care but, I don’t. This happens. Deal with it. Willy

wow, this is depressing. I thought i would come onto general discussion for some up-beat discussion and this wouldn’t be it.

If you don’t care then just don’t say anything. Negative - Sorry, but life goes on and you will land on your feet somewhere fine.