Personally I do think the quant associates are among the people with highest values in the firm since they have excellent math, programming and finance skills. But since Wells Fargo does layoffs without considering merits, I am wondering will the quants take a big hit as well? Asking for a friend.
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Quants will probably be ok depending on what area they're in what they're doing. If you're doing risk related stuff or trading stuff that is key work that has to happen. If you're working on some pet project in AI/ML that's probably more of a target.
We'll probably see soon enough, but we have no idea how they're going to decide. They could do a brute force approach and just give everybody a number of people they need to let go. So it won't mean squat what you do. They could use some common sense and determine they need X, Y and Z, but W can be reduced (like managers with the target 7, groups that aren't really necessary- like most of DMI, or can be merged-like QA)
If you are in regulatory reporting or some essential function. The quants in DMI or AIES could be gone, they provide little value, is what I heard on management circles.
CIB and IBCM Quants will be fine. After watching several rounds of layoffs in 19 years, Quants are the highest producers in their work stream and have talents and skill sets that are genius level.
Quants work an ungodly amount of hours, the backbone to many structures within CIB/IBCM that is the highest producing in revenue for the bank.
They have Master Degrees and PhD’s in Quantitive Analytics and Mathematics. Prior to being hired they went thru multiple grueling internships with outside firms or with WF, which is a 2 year commitment and process.
Quants will be just fine. The jobs in non-revenue producing lines of business (cost centers) are the ones that will be on the chopping block. Marketing, HR/ER, Technology.
A Tech Relationship Manager for instance has the same base salary as a 2nd year Quant Associate. However the TRM doesn’t produce jack squat or add value. Just a dumb layer of a role. Same with Marketing Associates and Managers, they don’t make as much, but the layers upon layers in Marketing is just ludicrous and a complete drain on financial resources. Again, they produce nothing. HR, same as marketing. Nothing of value.
Then go to BAC, they have quant managers with High School degrees. Not sure how somebody with no quantitative skills, Masters in Math, or PHD's got that position. They don't even look at background to hire.