Post-Layoff Options: 8 Strategies to Pursue If You Get the Axe (and 3 Mistakes to Avoid)

“M&A is all I know! What else could I do?”

-Banker Fearful of Potential Layoffs

This quote comes from a story a reader was telling me the other day. With layoffs spreading, even those currently employed in banking are starting to think about their “Plan B.”

We’ve previously looked at how to get into the industry in spite of a bad market, as well as what to do if you can’tget in despite your best efforts.

But if you get laid off, what can you do besides M&A?

Damn, It Does NOT Feel Good To Be A Banker: Investment Banking Apocalypse

For those who weren’t paying attention over the weekend, top government officials in China and the US reached an agreement whereby China has agreed to acquire all outstanding stock of the United States at $1.00 per share, with an implied valuation of $1 trillion.

Although the US GDP is close to $14 trillion on paper, analysts have said that extreme exposure to subprime mortgages and a failing financial system pushed its value down to only $500 billion. China made a last-minute rescue, acquiring the country at a 100% premium.

(This is a joke, but I wouldn’t be surprised to see a headline like this soon.)

Ok, so in case you were on vacation, Lehman and Merrill both failed over the weekend, and the US financial system continues its descent into bankruptcy as banks and hedge funds spiral into a bottomless abyss.

So what can you do about it?

The Farewell Email: How To Go Out In Style

“Friends and colleagues,

After two very educational years, the time has come for me to leave Goldman Sachs. Beginning in August, I will be moving on to my next adventure, The Carlyle Group in New York. I have attached my updated contact information below, and look forward to keeping in touch.

Warmest regards,”

-Breaks In The Track, The Leveraged Sellout

Most Mergers & Inquisitions readers out there are looking to get into finance. Why else would I write so much about investment banking resumes, investment banking interviews, and what to do if your summer internship plans don’t quite work out?

But every year in late June and early July, there’s an exodus of 2nd and 3rd year Analysts at investment banks (and even some 1st years who have found an exit opportunity and are brave enough to leave early).

And with that exodus comes a flood of “Farewell” emails.