A (very) recently fired Credit Suisse employee tells us that “Every conference room on the CMBS floor has an HR representative working through people as they show up for work. Analysts and Associates seem to be the first out the door.” We understand that for the victims, this might seem like bad news, and yeah, you’ll probably feel weird about going to Shake Shack for a while, but the flipside is that you won’t have to deal with the embarrassment of being employed by Bear Stearns, when the two banks merge. In related news, Morgan Stanley has announced plans for its own population restructuring, as modeled after the redistribution project in the Sudan. If you have any other info, feel free to share, or not share, otherwise, enjoy this one on me:
Morgan Stanley to Cut About 1,000 Jobs, Person Familiar Says [Bloomberg]
CS No Comment on Talk of Interest in Bear Stearns [Reuters]
I’m not a CS employee, but I work across Mad Square Park from CS. Maybe the line at Shake Shack won’t be so bad today after all the firings.
Let’s all hope that John Gibson soon gets a pink slip for being such an ass.
I love the car crash that is Fox Business. I can’t look away!
jag: where are you? Museum of Sex?
too glib
where do they even film this crap? looks like bull & bear
Heartfelt sympathy and respect is available at the next blog over. You seem to be lost and have confused us with people who care about your feelings.
12:19 – nah, something more respectable than MoS, like being a retail broker at the Smith Barney branch (kidding)
It’s understandable to make light of layoffs, but ridicule is not funny.
dont worry bess, im still here
“modeled after the redistribution project in the Sudan”
too funny…
Third year in a row I’ve gotten a zero. I’m starting to feel like I’m not wanted.
Who is this fucking Bess? Some wanna-be on Wall Street wise ass? I know the response will be, “if you don’t like it, don’t pull up the blog.” Well here is a tip, you piss enough of us off sweetie and you won’t have a blog to write on. You rely on advertizing and people pulling up your site. I don’t think the rag-tag collection of day traders will keep you going without the dealer community. You want to write stuff like that, lets blast it over to everybody at CS and Bear and BOA, and a whole lot of our clients. Soon you’ll be on the copy desk at Metro One.
@ 1:05PM
hahahaha
ooOOooOOOoOoOoOhhh :)
wow
spoken like a true retail broker at a bucketshop, congrats on that big $60k u made this year buddy.
ease up 1:05, its a blog ran out of an apt on Mott st. not some touchy feely P/C corporate site… and
“if you don’t like it, don’t pull up the blog.”
Someone’s a bit bitter because they join the mortgage group….
spoken like a true retail broker at a bucketshop, congrats on that big $60k u made this year buddy.
the cute hr girl ive been talking to lately just texted me saying “heads are rolling in the FID trading” group. all this 4 days before they release bonus numbers.
Bess is a supermodel
“Well here is a tip, you piss enough of us off sweetie and you won’t have a blog to write on.”
ok vin diesel, let’s see your clippers.
1:05,
Better run back to your desk in your parent’s basement in Westchester. Mom’s making mac & cheese so you can work while etrading.
@Anonymous @ 1:05
whats your point? who the heck do you think reads these sites?? CS and Bear and BOA employees. and what are you going to do stop that ? send around a petition? youre delusional.
recognize this site is firstly for entertainment and secondly for information. then get a brown paper and quit hyperventilating.
lets not get crazy- she does have man hands. we saw the pictures…well, not Man Hands- more like teenage boy hands
“Some wanna-be on Wall Street wise ass?”
actually dude, she doesn’t give a shit about wall street, but keep telling yourself everyone wants your boiler room job!
don’t be upset because you are a bitchass little day trader and could never make it on the Street. Hurry I think Cramer is coming on soon!!
@ 1:05
Nevermind, I can’t dignify that drivel with a response, no matter how tempting
@jag
I used to live on Mad Sq, wtf is there besides the Toy building and retail space?
they looked like 5 year old’s hands actually, teenage boy’s hands are not that small/soft.
when something bad happens to you, it’s the other guys fault. But you may be better off some place else….eventually.
Oh yea, and the Museum of Sex (although i actually never made it, KLW you wanna join me on our 1st date there?)
keep it up Bess. you covered my old fund going out of business with a sense of humor too. i appreciated it then.
“lets not get crazy- she does have man hands. we saw the pictures”
What pictures??
“lets not get crazy- she does have man hands. we saw the pictures”
What pictures??
the pics of bess i saw (hands and the one w/ the shades) were smoking…thinking about those lips right now.
OK, the 1:05 is offically blasted back to his toilet
Tough Guy -You think your “clients” are going to be offfended by this?? Doubt it. The originators are dead, and the investors are working on pending litigation. Try throwing your weight around where you can really have an impact….. a BAC branch.
*LEHMAN CUTS 140 TRADERS IN FIXED-INCOME UNIT, PERSON SAYS
*LEHMAN CUTS ADD TO 3,750 PREVIOUSLY ANNOUNCED :LEH US
what’s the deal with bess’s roommate being such a slut?
Anon @ 1:05,
You simply don’t understand the metrics behind this blog. A bit disgruntled over a recent layoff? Likely. However, most of the people here, laid off or not, who read this blog recognize the absurdity of the mass layoffs right now, and I for one enjoy the associated humor and sarcasm. Come to think of it, my entire group, many of which were laid off, still find this blog histerical. Virtually everyone I’ve ever talked to who works on Wall Street in some capacity, and who read this, love it. So, I say to you, go back to packing your box full of prospectus’ of unsold CMBS, deal toys for transactions in which your only interaction was running spell check, and leave us all to enjoy the comedy and not your tragedy.
@1:24 keep dreaming you deluded pedophile
if fantasizing about bess makes me a pedophile the…call me a pedophile
@KLW please elaborate
@2:05 Deal toys for which your only interaction was running spell check….. Excellent. You should copywright that one.
@1:28 you forgot Fidelity, corner of 23/5, in the toy building
god reads this blog, and loves it.
god reads this blog, and thinks bess should keep doing just as she’s doing. He will make sure she gets plenty of “advertizers”.
@rahodeb
appreciate the joke, but lets leave The Almighty One out of this. There are enough serious issues out there to occupy His time.
@ KLW
Ok so no popping my MoS cherry, so-to-speak.
Slightly less creepy place that doesn’t trigger tramautic memories, hmmm does such a place exist?
You monkeys…ever hear of the Flatiron building
yeah… where does he work, Jo Malone, Sprint or Origins? The rest of the place is ad agencies.
http://www.youtube.com/watch?v=rJB0CzlzSwY
there’s an engineering firm that designs navy battleships in the flatiron. Just an FYI
designs navy battleshps? Business must have been kinda slow for the last 60 years.
designs navy battleships? Business must have been kinda slow for the last 60 years.
@ KLW
Ok so no popping my MoS cherry, so-to-speak.
Slightly less creepy place that doesn’t trigger tramautic memories, hmmm does such a place exist?
who cares? more dopey bank traders sent back to iowa.
@ chris
Eh, I have no idea. But every time a ship needs to get built (there are multiple classes of ships), there has to be engineers to design them.
so were there analyst layoffs at csfb today?
Credit Suisse Cuts
Credit Suisse, the second-biggest Swiss bank, said today it’s cutting 500 investment banking jobs, mostly in equities and fixed-income units. The cuts are “due to market conditions and projected staffing levels required to meet client needs,” according to the statement e-mailed today by Bruce Corwin, a spokesman in New York.
The following is a table of jobs eliminated by the biggest banks and securities firms due to the collapse of the subprime mortgage market.
Firm Number of Jobs Cut
Citigroup 4,200
Lehman Brothers 3,890
Bank of America 3,650
Washington Mutual 2,600
Morgan Stanley 1,900
HSBC 1,650
Bear Stearns 1,550
UBS 1,500
Merrill Lynch 1,000
National City 900
RBC 500
Wells Fargo 500
Wachovia 443
Deutsche Bank 370
Credit Suisse 820
JPMorgan Chase 100
_____
Total 25,573
People probably know and might not care because it’s Research, but BofA canned over 20 analysts yesterday, over the entire spectrum from VPs to MDs. Apparently one of them made VP on Friday, and was canned on Wednesday. I was told his 2007 bonus was $4,000. Severance was $10k plus two weeks severance for every year of service.
Guys at my high school got laid off all the time. It was no big deal.
the news reports have it wrong….it wasn’t just 25% of analyts. more like half, and maybe more layoffs today.
@9:46 “People might not care because its Research..” That attitude is maybe why there’s been a bloodbath there. Maybe a general assessment that in a time of reduced revenues firms are better served by allocating far less resources to that area.
What’s avg Net Worth by title (Assc., VP, Dir, MD) in Bulge Bracket (range for seniority)?
Pls post based on your #, or direct knowledge not hopes/dreams or delusions/bitterness.
This is one # that everyone can crunch.
Did Merill Lynch already layoff 1,000 workers or they are going too?
A Class Action lawsuit against Morgan Stanley
A Class Action lawsuit against Morgan Stanley is in the works. Charges of Age Discrimination have been flied with the EEOC on behalf of those fired in August 2005. Contact Hadley Perkins Roeltgen at Kohn, Swift & Graf,PC for more information. 215-238-1700 If you were fired or know other brokers that were fired contact Hadley at:
http://www.kohnswift.com
hroeltgen@kohnswift.com
I have an offer from CS for IT Manager in Asset management, is it worth it?
M9nF2Y Really enjoyed this article post.