Is Getting Laid Off From Wachovia Bank Really Much Worse Than Having To Admit You Work At Wachovia Bank? Several Of Wachovia Bank's (Former) Employees Will Soon Find Out

Posted by Bess Levin, Oct 23, 2007, 4:12pm

Following an 80 percent drop in third quarter investment banking profits, Wachovia Bank has asked about 200 workers from its corporate and investment banking units in Charlotte, North Carolina and New York to stop coming in to the office. Apparently the severance package for first year analysts is 85K. Will 93-percent-decline-in-profits-from-investment banking-and-sure-to-be-letting-at-least-one-million-employees-go Bank of America do better? We'll let you know (or you'll let us know. Either way, information will be transmitted.)

Wachovia starts investment bank job cuts [Reuters]

0Recommend this! 23Comments
Posted in: Layoffs, Wachovia

Comments

Posted by IA, Oct 23, 2007 4:28PM

Collective street reaction: Wachovia employed i-bankers?

Posted by girl, Oct 23, 2007 4:29PM

i didn't know it was more lucrative to get fired from wachovia then actually work there either, good reporting.

Posted by Lumbergh, Oct 23, 2007 4:39PM

Stick to what you're good at, Wachovia: cashing checks.

Posted by Dave Chappelle, Oct 23, 2007 4:47PM

*WACHOVIA CUTS INCLUDE SOME MANAGING DIRECTORS :WB US
*WACHOVIA STAFF CUTS MOSTLY IN CHARLOTTE, SOME IN NEW YORK
*WACHOVIA JOB CUTS CONFIRMED BY SPOKESWOMAN AMY JONES :WB US
*WACHOVIA CUTS 200 JOBS AT INVESTMENT BANKING UNIT :WB US

Posted by Stranded, Oct 23, 2007 4:59PM

According to contact in Charlotte at Wachovia, "We have Investment Banking? I'm not quite sure about that one".

Less than devestated it would seem.

Posted by Sgt. Slaughter, Oct 23, 2007 4:59PM

Better start prepping your resumes for interviews at AG Edwards and Raymond James...

Posted by LippyTex, Oct 23, 2007 5:01PM

I used to work with a great guy named "Jack" at an energy company and one day the parent company HR folk called is about a "rightsizing" effort and lay-offs.

A friend called from ML and asked what was up and I told him that I had just learned that my employer was going to "probably lay me and Jack off".....and there was a long, long pause and my ML contact reminded me he was on a recorded line.

Posted by Too embarassed, Oct 23, 2007 5:03PM

Wachovia wouldn't hire me 6 months ago. I guess I am just sad.

Posted by Whoops, Oct 23, 2007 5:45PM

Slaughter, that's funny considering WB bought AGE 6 months ago.

Posted by , Oct 23, 2007 5:53PM

Cowen cut a few people yesterday. 2 VPs and one associate out in SF.

Posted by AJ, Oct 23, 2007 6:16PM

Cowen's still around? Really?

Posted by lauta, Oct 23, 2007 7:38PM

They have good bankers there mind you, but the location sucks.

Posted by not $85, Oct 23, 2007 7:56PM

I heard the 1st years only got $35K.

Posted by Southern Man, Oct 23, 2007 11:08PM

They can always keep heading south in pay, geography and job-wise and end up at Suntrust.

Posted by Angry Man, Oct 23, 2007 11:21PM

I was at AGE when they laid my ass off. They paid us only 3 months salary and a very shitty bonus! What a bunch of fuckers. I will never, ever work for a bunch of no talent hacks in my life.

Posted by , Oct 24, 2007 8:32AM

28% of total loans on WB balance are Option ARM mortgages. (60% of which are in CA)

Seems they are taking it in the ass & the mouth.

Posted by , Oct 24, 2007 10:23AM

Those are golden west loans underwriting completely different from the rest of the option ARM market. you have no idea what you are talking about.

Posted by anon, Oct 24, 2007 10:33AM

Thanks for pointing that out dumbfuck 10:23.

The Sandlers were rocket scientists. They figured out a way to write more of this shit than anyone else and make money (?). Please wait and see what happens to these mortgages.

I bet you work at WB, which says a lot.

Posted by Cracker, Oct 24, 2007 10:50AM

Anyone crack a tape here?

Posted by clueless in ny, Oct 24, 2007 7:15PM

Hey 10:23 nice collateral

http://www.dqnews.com/ZIPCAR.shtm

Fuckers can change your name, but youre still First Union and you still suck.

Can't run an investment bank or a bank bank.

GW is going to make Money Store look like a good investment.

Posted by JPeppers90, Oct 25, 2007 11:05AM

This is stupid. Started by someone who probably just got fired.

Posted by Diane Hinsley, Jan 05, 2008 8:48PM

I'm trying to get in touch with laid off Wachovia employees.

Posted by bankersaredumb, Jan 12, 2008 4:47PM

what happened to everyone? why did it become so quiet? I'm guessing ML, MS, UBS, Citi, JP, Bear, etc bankers who left comments sort of went into hiding...

i'm thought those banks knew how to run an investment bank :)

you guys are retarded.

Post Your Comment