More than 200 i-bankers employed in domestic and foreign investment banks have been forced to quit or asked to leave since June last year because of a decline in the number of deals and falling stock markets, Economic Times reported. Not all have found jobs. While some are struggling to set up a business of their own, others are moving to smaller firms in search of an anchor or being forced to consider industry jobs.
Slowing deal cycles and lacklustre equity markets, which have hit fund-raising plans, have forced investment banks in India to go through cost-cutting pain, most of which has come from pruning team sizes. Over the past year, around 233 bankers either quit their jobs or were shown the door against only 103 who have switched jobs.
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