So much for the Bank of America securities players hoping to make it to the show. Their dreams ended today in the AAA club with Charlotte layoffs announced this morning. No word on severance, though employees are apparently being handed foam fingers as they’re escorted out of the building.
Comments (42)
Leave a comment
You can log in with your account or comment as a guest below.
Perhaps they, and all of us, should just relax:
http://www.nytimes.com/2008/04/15/science/15risk.html?_r=1&oref=slogin
http://www.nytimes.com/2008/03/29/science/29collider.html?refer=science1
I just hope that the people running these calculations didn’t run risk simulations on mortgages previously or even attend the same math programs…
Big business to be had in Charlotte next year: converting wine cellars back into “mud rooms.”
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.
they raised atm fees? don’t they charge enough already at $2.50
What’s the word on Bear Layoffs?
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
Mer might be working on the same thing. Package is something like 1yr salary for some people.
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…
Never been to Scores NY, but Scores Vegas is like $20. Really though, it’s worth every penny.
Seriously, that black hole possibility is beginning to worry me:
http://news.yahoo.com/s/afp/20080415/sc_afp/spaceastronomygermany_080415214429
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.”
@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.
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.
@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.
@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?
@1:36 Where do you work on the janitorial staff, er, trading desk now? I think we’re all looking for a good short.
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!
@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.
No Country for Old Bears – even new ones
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
@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).
2:46 fuck off
@2:41/2:49 and we have an answer…”because i like the sound of my own voice pissing and moaning,” for 500.
how many, who, what groups were laid off at BofA, that shitty, shitty excuse for a bank?
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.
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.
@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…
Cuts are definitely coming, I was just trying to see if there were any rumors with a bit of meat on their bones.
BofA cuts in the GCIB Unit:
3000 jobs.
150+ in NYC.
BOA layoffs are in middle office and technology. They announced this way back when the front office folks were getting the axe.
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,
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.
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.
@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.
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.
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?
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.
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.
WB axe is falling. McKinsey is supposedly in there so the brass have an alibi.
db reported wachovia layoffs the other day but thanks for confirming.
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.
http://dealbreaker.com/2008/04/in_equity_dilution_out_wachovi.php