Extremely toxic culture - manipulative management. The profits over people mantra is exemplified by the firm broadly. HR complaints are swept under the rug. The firm has a history of electing to cutting those making HR complaints, choosing to settle with victims with hush money to protect big earners and or the quest for growth (see Sage Kelly). CEO Rich Handler announced layoffs the Friday before July 4th, publishing the letter he sent to all employees, announcing layoffs to come amidst difficult times in the market. The company was down -30-50% M&A revenue with an inverse growth in MD promotions. Mr. Handler proceeded to flaunt his lavish trip to Monaco on a yacht with the owner of the Rockets in the days that followed. It was very tone deaf. The previously mentioned strategy of growth to lean into hiring above market during good times, and "trimming the fat" during bad times has definitely done wonders for the growth of the prominence and market cap of the stock, but a toxic culture of competition among teams especially when markets aren't good, and fosters a dog eat dog culture across departments. Several people, including myself, were laid off in the days leading up to thanksgiving, before bonuses were paid out and ahead of the holidays - gotta make that smaller bonus pool stretch!
