500 laid off from structured finance and investment banking today. Severance has been paid, but no numbers on how much yet. We’re going to go out on a limb and say more than Bear Stearns. Prove us right (or wrong, though that’s highly unlikely).
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Alongside this post is the poll for did you see Saw IV. Who needs a horror flick when the street is a horror flick?
don’t know about those dead weights… i’m still looking to pull all in 400k this year… haha!
Wow, we definitely found the first associate on the chopping block for the next round of firings…
I can see the price of 4 bedroom co-ops drifting lower every day. I am watching the market and hoping to pay for it via selling out the train tickets to Iowa and Kansas all these losers will be on.
Of course their severance will buy them palatial estates in iowa….
“just me” – you deserve to be beaten down on your way home tonight. These are people with lives, families, etc. losing their jobs. It’s not fun, and you’re not funny. As many people in this industry for more than 2 years or so you’ve probably been around can attest, wholesale firings are very wrenching experiences. There is no reason to call these people “losers.” If anyone deserves to lose his/her job, it’s cocky turds like you.
AJ, you read my mind.
Don’t ask for whom the bell tolls Associate, the bell tolls for thee
Still waiting to hear the numbers for Kenny and James, but I heard the Swiss paid 1/2 of last year’s bonus and Mack was very generous with 5/6′s of last year’s payout.
“Just Me” – You are just pissed that your shit Rutgers degree got you a back office job, and you can’t afford a decent apartment. I am sure I could make a fortune selling trash like you train tickets back to Long Island and Jersey.
is it just me or is there a lot of anger going every which way in these comments? i think all of you need to relax. have a beer maybe?
@MG-nobody fires people who make money, nobody. Its what the system encourages. These are people who are dead-weight, and only soak up resources more productive folks can use
@Random- Please stop projecting your own insecurities. Anyone who talks like you, is simply voicing their own concerns. Where is the PATH train anyways?
Anyone know what the severance was for BoA; and how about Bear Stearns?
Lot of hatred in this post trails, can’t we all just get along???
You will all be fired either literallly or figuratively, ie crap pay
Its a fact, seen Summers to Group heads get it.
Less than 15% will make it to MD or $5-10 Mil liquid
just facts; rest of your comments are inane rookie bs
any news of analysts/associates getting axed at bofa? read a comment somewhere about i-banking analysts getting the shaft; anything in S&T ?
several MDs at BofA let go as well
Haven’t heard of any analyst getting let go (at least on the global markets side).
Layoffs appear to have been very top heavy .
Come on, people!!! How can you fire people when it was the “models” that were wrong? People don’t lose money, financial models LOSE money!!! Banks are firing the people who could fix the “models”. It’s insane.
More banks to make major cuts this week. Keep watching the headlines. My understanding on severance: 3 mos is standard. Pro-rate last year’s bonus (assuming you weren’t the one to drop 50-100m negative P&L on your colleagues).
However, there are a lot of “zeroes” out there. Get ready for more.
bitches . . .
misguided Midwest and B&T remarks are hilarious AND original!
blacks and mexicans
Hope you all didn’t blow that bonus last year, I bet its gonna get awfully lonely sittin this lull out
On a positive note, more unemployed bankers/traders/etc @ home all day will surely cause traffic/views/etc on Dealbreaker to surge, so Carney theres your silver lining (although gonna be kinda hard to sell ad space to luxury brands when 30% of your readership is newly-frugal, hmmm)
Anyone making over $50K is overpaid. I pounded a stripper Saturday night for what amounts to a weeks pay for me, but life is good.
BofA sucks. During on-campus recruiting their major selling point was that “we are growing and provide analysts a much richer experience”. Where is the growth now? Senior level management was not able to bring in the buisness or retain talent and now they are the same ones making the decisions on who gets laid off.
whats a dead running back doing on DB? Also @ 50k/year was this post or pre tax for the banging of the stripper?
How is it that Just Me went from being an uber-sensitive pansy last night, when politely asking people to stop using violent references, to a hard-core, let the pink slips fly monger this morning.
Just to note, Just Me is still a fruitcake for that Nancy Boy comment about weapons last night, in my opinion.
two guys I trade with at boa got the ax yesterday, it’s only the beginning…….
@ A-n0n – Losing a job is not a big deal. Being responsible for someone losing their life is. But since you seem to be so concerned, why dont you start paying other peoples’ bills or step up and offer to lose your job instead? Oh right, the toughest decision you ever made was what year cab to order at dinner and you’ve never taken responsibility for anyone but yourself.
Sounds like Just Me is a disgruntled ex-employee somewhere.
Anyone have any rccomendations on what year cab I should order tonight at dinner?…I really can’t figure this one out.
What a load of total crap posts. Will not be frequenting this site much. Admin really should strip out the usless comments.
hahaha… this is all too funny. while all you guys on this board squabble over non-sense… i’ll be pulling in 400k all in at year end. see you at 400…. NOT
My sources tell me the guys at bofa got 2 months sal. Any confirmations? Does look stingy compared to morgan stanleys 6 (or so i heard).
6 months compensation got only Analysts. All other regular people are getting 2 weeks salary for every year they worked at specific investment company
11:04; That is confirmed.
whatever the package is… inconsequential next to my 400k all in
@ associate: you’re so awesome you make 400k a year. I’m my own boss work 50 hours a week and make over 1.2 a year. how’s that for an all in you pansy. stop flaunting you’re measely, corporate salary and get back to your rat race.
-Followship award.
PUUULLLease… I work at a reputable investment bank… If you don’t work at a global investment bank, there is no meaning to life for you. I don’t believe you can make that kind of money working 50 hours
-Liar Award for random start up
“If you don’t work at a global investment bank, there is no meaning to life for you. ” i know plenty of people who would disagree with you, mainly every other person in the world that ISN’T an investment banker.
believe what you want to believe. just because something isn’t in an excel spreadsheet doesn’t mean it’s not true. DBAG
Analysts ARE being let go – FACT!!!
“If you don’t work at a global investment bank, there is no meaning to life for you. ”
Sounds like you have your whole identity wrapped up in your job. Good luck with that. This is a brutal business and the good times don’t last. Bank it while you got it.
Associate is boasting 400k??? I would say thats pretty lame to be boasting about.
Considering the rate the USD is going my secretary might well pull the equivalent in this year in Euro.
(mind you, she has “pulled” quite a lot to earn that, so I hear)
maybe the 50k a year horizontal stripper jogger might have met her.
my bank account is $1mil liquid. How do you like that, punk? there’s no way i’m going to get can. i’m too important to my organization.
Geyser Peak 2002 Reserve Cab is a good choice,
but I’d recommend DeLoach Pinot 2001.
Either goes well with broiled loin of Bond Trader. For sub-prime CDO guys,
a mixed-citrus reduction sauce is recommended, to cover up the taste of toxic waste.
2:14 Calling b-s
Unless you live in Bronx, dress Sears, and eat seameless 24-7, and take hom leftovers, its not possible
’02-04 #s blew
You have debt, Min $100K
and at best even if you are a 3rd yr promote, its till does not add up,
Most 2-3rd Yr VPs cant claim that #
And dont tell me some day trading/ hedge portfolio nonsense either
of course i can you commerical banker
3rd year: 75k base plus 125k bonus
1st associate: 85k base, 25k signing, and 180k bonus
2nd associate: 105k base, 250k bonus
3rd associate: 115k base, 350k bonus
4th associate: 125k base and expect 275k bonus (bad market, you know) but will get promo to VP
bare in mind i had 200k savings before doing banking…. you work at a commerical bank and don’t know shit son
associate, gross or net?
Confirm that analysts at BofA were included in firings, including first years that started in August.
base salaries are spent 9 esp jr ones bel;ow $200K), unless you live like a miser
Your bonuses total: $900k pre tax, and after tax????
So you have ~$450K
Oh $200K, yeah more tall tales
ps, if you got $350 last year YOU work at a pseudo commercial bank…$500 was the Post article for your class.
Me, sorry to burst your bubble 3 bulge firms and senior to you by a decade….and multiples of $
My bank account is $1 billion liquid.
hey hater… and your calculation is completely reasonable… i stuff all my money under my mattress and not into tech and emerging markets funds. check out the charts for those markets hater… and see if you CAN’T get to 1mil. 500k was top 5% at GS… 475k was top at my firm. how much did you make last year punk?
Confirmed Anon 2:56, every level got hit from first years to group heads
You all realize that “associate” is probably a 14 year old kid messing with you heads, right?
judging his punctuation and spelling, he is indeed 14 years old.
associate is Miss Teen USA 2007 South Carolina.