Layoffs Watch '08: BoA

Posted by guest, Apr 16, 2008 11:04AM

Big business to be had in Charlotte next year: converting wine cellars back into "mud rooms."

Posted by Investorcluzo, Apr 16, 2008 11:15AM

uh oh, I feel an earnings miss coming...this is similar to trying to raise atm fees at the end of the third quarter last year.

Posted by guest, Apr 16, 2008 11:22AM

they raised atm fees? don't they charge enough already at $2.50

Posted by guest, Apr 16, 2008 11:26AM

What's the word on Bear Layoffs?

Posted by guest, Apr 16, 2008 11:32AM

the coverage of Bear layoffs here is a joke.....

SMD started Monday night
MD Yesterday
VP today
Assoc. Thur
Anl Friday
Admin/IT next week

Its a letter

Posted by guest, Apr 16, 2008 11:33AM

Mer might be working on the same thing. Package is something like 1yr salary for some people.

Posted by Investorcluzo, Apr 16, 2008 11:35AM

they went to $3 which beats $5 in new orleans (every try to get cash at jazz fest?). I believe kenny boy and the charlotte mafia were trying to go higher but the public outcry was so loud they had to back down.

http://www.usatoday.com/money/industries/banking/2007-09-12-atm-fees_N.htm

at some point this is a management issue and not a market problem, perhaps it's time to bring back josemite sam - er, I mean, mr. mccoll...

Posted by Suits, Apr 16, 2008 11:42AM

Never been to Scores NY, but Scores Vegas is like $20. Really though, it's worth every penny.

Posted by guest, Apr 16, 2008 12:08PM

Seriously, that black hole possibility is beginning to worry me:

http://news.yahoo.com/s/afp/20080415/sc_afp/spaceastronomygermany_080415214429

Posted by guest, Apr 16, 2008 12:34PM

http://www.theregister.co.uk/2008/04/16/esa_german_schoolboy_apophis_denial/

...There's only one problem with the story: the kid's sums are in fact wrong, NASA's are right, and the ESA swear blind they never said any different. An ESA spokesman in Germany told the Reg this morning: "A small boy did do these calculations, but he made a mistake... NASA's figures are correct."

Posted by guest, Apr 16, 2008 12:46PM

@12:34 Thanks. I still would like someone to review those calcs on the black hole potential though. What would it hurt? Beats the alternative if a "miscalculation" occurred... The subprime crisis, high oil prices, and Iraq war would be the least of our nation's problems. Or mankind's problems for that matter.

Posted by guest, Apr 16, 2008 1:36PM

Seriously... I'm a former BofA Securities employer. BofA is an excuse of an investment bank - think twice if you ever consider going to that place.

Posted by guest, Apr 16, 2008 1:45PM

@1:36, I suspect you meant that you were a former "employee" rather than "employer." If you don't actually understand the difference the fact that you're "former" shouldn't be too much of a surprise to anyone who read your comment.

Posted by guest, Apr 16, 2008 1:53PM

@1:36 Its now perfectly clear to all of us why BofA is such a joke. Our only remaining question; how many idiots like you do they still employ?

Posted by guest, Apr 16, 2008 1:58PM

@1:36 Where do you work on the janitorial staff, er, trading desk now? I think we're all looking for a good short.

Posted by guest, Apr 16, 2008 2:09PM

I agree with @11:32am. Coverage of Bear layoffs is lacking. However, I do appreciate 11:32am taking the time to post the information he or she did have. Thanks! Any more information appreciated!

Posted by guest, Apr 16, 2008 2:26PM

@2:09/11:32...have you seen bear layoffs coverage anywhere? i certainly haven't. and not like dealbook saying, "there will be layoffs" or cnbc saying "layoffs are coming" but the actual kind of intel you want.

Posted by guest, Apr 16, 2008 2:33PM

No Country for Old Bears - even new ones

Posted by guest, Apr 16, 2008 2:41PM

2:26

NY Post: 7000 this week
FT: 50% this week
FT: retention package #
NYT: majority layoffs this week
WSJ: only 20% retained
Ebay: employees listing furiously "i'm out here by Friday"

Safe to say everyone and his grandma knows its this week except this site

Posted by guest, Apr 16, 2008 2:46PM

@2:41 actually DB has linked to all those stories, whether in opening bell or elsewhere...had something up two weeks ago about exact dates for front/back office. and if you've already found your intel elsewhere, why do you feel the need to piss and moan that you're not getting it here? (if the answer is just that you like hearing the sound of your own voice pissing and moaning, i can totally respect that, just be honest with me).

Posted by guest, Apr 16, 2008 2:49PM

2:46 fuck off

Posted by guest, Apr 16, 2008 2:55PM

@2:41/2:49 and we have an answer..."because i like the sound of my own voice pissing and moaning," for 500.

Posted by guest, Apr 16, 2008 3:24PM

how many, who, what groups were laid off at BofA, that shitty, shitty excuse for a bank?

Posted by guest, Apr 16, 2008 3:42PM

Well, if the Bear lay-offs are GOING ON THIS WEEK, why isn't some current information posted? Like more info on numbers and percentages laid off, method of lay-off (by letter alone? really?), etc.

I've been reading the site regularly to watch for this information, and I don't remember links to all of the stories listed @2:41pm being posted by db. No offense, db.

Go easy on @2:41/2:49pm. He or she may be having a very bad week.

Posted by guest, Apr 16, 2008 4:32PM

Could somebody point me to info on the BAC layoffs?

I've spoken with a number of people there and nobody has heard a word. Wachovia, on the other hand, announced yesterday that they were taking the hatchet to the investment bank again.

Posted by Investorcluzo, Apr 16, 2008 4:37PM

@4:32 - I know a few people at 9W57. apparently, they are still just rumors. but we know what that means: some assistant who's hooking up with an assoc/vp saw a memo and let the cat out of the bag. better pack your best pitchbooks and models before you go home tonight because you might not get a chance tomorrow...

Posted by guest, Apr 16, 2008 4:56PM

Cuts are definitely coming, I was just trying to see if there were any rumors with a bit of meat on their bones.

Posted by guest, Apr 16, 2008 5:50PM

BofA cuts in the GCIB Unit:

3000 jobs.
150+ in NYC.
<150 in CLT.

Posted by guest, Apr 16, 2008 9:13PM

BOA layoffs are in middle office and technology. They announced this way back when the front office folks were getting the axe.

Posted by guest, Apr 16, 2008 9:35PM

the numbers posted by 5:50 were taken from a local website that was referencing the cuts from October of 2007, read the story date,

Posted by guest, Apr 16, 2008 9:40PM

I actually look to this site for commical but usually reliable information. I'm incredibly disappointed about them posting something like this with no actual basis for the claim, no reference to any source, and no public information to be found. If you're going to make claims like this, especially saying that "Charlotte layoffs were announced" at least back it up with some kind of announcement.

I love you Bess, but today, you broke my heart.

Posted by guest, Apr 16, 2008 9:43PM

Cuts started today, will take place intoJune, include middle office and technology (probably later), but first round was trading and origination/structuring. Cuts included analysts, even first year. No full word on packages, but heard they were less than 3Q 2007 packages.

Posted by guest, Apr 16, 2008 11:46PM

@9:40-- you're probably one of those idiots who also gets mad when they don't link to the official story from bloomberg. the point of this site is to get the information out in real time, from rumors, before official statements are made. you can't find "public information" on this stuff, nor can you site sources. sometimes banks don't even make statements about layoffs. you are fucking idiot. i'm incredibly disappointed in you.

Posted by guest, Apr 17, 2008 12:16PM

Of course the packages were less than 3Q07, which included a % of the previous year’s bonus. Since BofA didn’t pay bonuses this year, you can logically assume the package for this round was only standard severance (i.e. - x months for every year of service) and nothing more.

Posted by guest, Apr 17, 2008 12:16PM

Quick question, I'm in Charlotte, law firm work, no one on the other end of our phones has been affected, who exactly has this affected. The people I talk to have all heard this, but no one seems to know who it is, even people that work for bank of america.

By the way, anyone know when the axe is going to drop at wachovia, rumors are finally starting that ken may be on the way out, anyone?

Posted by guest, Apr 17, 2008 12:22PM

Mr. Charlotte lawyer sounds so ernest and polite. I wan't him to marry my daughter. Or at least play some golf with him this weekend. Take a lesson you snarky boys from NY.

Posted by guest, Apr 17, 2008 12:50PM

I prefer to only golf with people around my handicap, so people between a 12 and 24, since I'm around an 18. Unless I'm offered the opportunity to play someplace I couldn't get a tee time, and then i'll happily make a fool of myself.

I also appreciate the daughter offer, but I'm sorry to say I'm taken.

Posted by guest, Apr 17, 2008 1:23PM

WB axe is falling. McKinsey is supposedly in there so the brass have an alibi.

Posted by guest, Apr 17, 2008 1:26PM

db reported wachovia layoffs the other day but thanks for confirming.

Posted by guest, Apr 17, 2008 1:36PM

Sorry about that, I didn't see the Wachovia post (and still don't) but I heard some stuff last week and the Golden West merger is going to destroy them when it all settles out. Nothing like spending $20B for subprime southern california real estate exposure to boost your earnings. Just trying to see if they have made any official notices.

Posted by guest, Apr 17, 2008 1:40PM

http://dealbreaker.com/2008/04/in_equity_dilution_out_wachovi.php