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most of those are not competing for the analyst jobs new college grads are hired for
Blatantly false.
| Take a group at a BB working on an sub $250mm M&A deal. You don't need 30 analysts on the deal team; you need 2-3. Banks are scaling back the number of analysts they hire across the board -- of course they're going to want to hire the laterals with experience over fresh faced college grads. Both UBS and Moelis & Co. are great examples of that.
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That is not blatantly false. True, there is some lateral movement, particularly among superstars with huge client lists, but among laid off analysts? Not so much. It has been difficult for them to break back in, because very few firms are actively searching for analysts from other firms. FT recruiting has been cut for sure, but at the junior level banks seem to still prefer to harvest their own talent. There is some truth in both sides, but it is not blatantly false like you say.