<p>I thought that in general S&T is smaller than IBD… but in either event, the typical path in IBD is 2-3 yrs and out, so they need a constant stream of incoming analysts more so than in S&T.</p>
<p>S&T does generally contribute more to revenue of firms, but it can be a lot more volatile. </p>
<p>As for the laid off BB traders… mostly no. Some of the laid off were analysts are being picked up. In general though its not direct competition, because the lateral hires are likely not going to do the “work” that a new hire will have to do, since they have experience and actually trade. Desks are more focused on headcount than in the past, which part of it depends on how many outside hires they picked up, along with need of course.</p>