Apparently Wachovia is laying off "a lot of" its Charlotte industrial group this morning. According to someone familiar with the proceedings, "all conference rooms on that floor have been booked, and boxes of Kleenex are on hand." Will the presiding MDs pick up the gauntlet thrown down by the pioneers at GS? Probably not but here's hoping.
Comments
Posted by guest, Jun 18, 2008 12:02PM
why do people on this site enjoy the suffering of others?
as a recent college grad and incoming ibd analyst, i'm not finding this very funny. it's one thing to say people in the industry are reckless and overpaid. it's entirely different to delight in the misfortune of lowest levels of these firms.
Posted by guest, Jun 18, 2008 12:05PM
yeah people, i went to college and deserve to be an ibd analyst because i'm young and naive and everyone else ruined it for me!
Posted by guest, Jun 18, 2008 12:05PM
People in this industry are reckless and overpaid. They are also callous and heartless. Get used to it.
Posted by guest, Jun 18, 2008 12:05PM
12:02
Put quite simply, people work hard and kiss major ass to get these IB jobs and to see that dream get washed away just warms my heart (an obviosuly countless others). No one and I repeat no one will ever feel bad for anyone connected to IB that is out of a job. The only reason anyone of us are here is for the money. Don't kid yourself.
Posted by cheesedog, Jun 18, 2008 12:06PM
Rumor of Warren Buffet investing in Wachovia. CDS is 25 tighter on the rumor. Would suck to get fired right before the company gets bailed out by the other WB.
Posted by Investorcluzo, Jun 18, 2008 12:07PM
@12:02 - one word: Schadenfreude. for the working stiffs in the crowd, we've seen this movie before. that's why it's called a cycle and why we can laugh at it. people will find jobs (may have to take a pay cut) and the earth will still rotate around the sun. take a deep breath, work hard and try to live within your means...ok, good talk russ.
Posted by Riskybusiness, Jun 18, 2008 12:10PM
@12:02 -
If you're that empathetic you are going into the wrong business. Try the Peace Corps. After your third or fourth 20 minutes ass chewing at the hands of an MD for misplacing a period in a PIB you'll understand why people love when bankers fall like Kurdish villagers in a chemical attack.
Posted by guest, Jun 18, 2008 12:12PM
Enough with the Buffett rumors! Jeez, every month's end or quarter's end some fuckhead hedge fund puts out a rumor about Buffett buying into a stock that is tanking on the hedgefund. Oldest trick in the book. Newbies fall for it.
Hmmmmmm....but on the other hand, maybe this time it's different.
Note to rookies: "This time it's different" is a phrase that will put you in debt for the rest of your life.
Posted by guest, Jun 18, 2008 12:12PM
That is not empathy that is clearly self-entitlement and self-interest. Kid is in exactly th right industry.
Posted by guest, Jun 18, 2008 12:16PM
I went to Harvard. I went to HBS. You cannot lay me off. I am special.
My Dad and his best friend Jack used to work for an oil trading company in Houston. Things got tough and rumors of lay offs swirled about our house. My Dad survived the first few cuts but soon he came home with ominous news. He said, "Well, I learned today that management is probably going to lay me or Jack off...."
Posted by chad, Jun 18, 2008 12:17PM
You get paid a lot more but you have less job security. Risk verus Reward.
Anyone who saved a reasonable amount of money after a few years should have no problem riding this out. But apparently everyone spent their money on Bottles and Ho's and suddenly life sucks. Not that i'm enjoying this, but why should anyone feel bad?
Posted by mrpink, Jun 18, 2008 12:19PM
To 12:02-
Get used to it. Your 'Summer Tour Of Pink' will come soon enough. Better save your $$ if you choose this industry.
To quote one of my former colleagues in the CBOT pits:
"This is the life we choooooseeeee! This is the way we roll! It's a hard life baby yes it is!"
-mrp
Posted by guest, Jun 18, 2008 12:21PM
Buffet is investing in Marvel. He like Iron Man.
Posted by guest, Jun 18, 2008 12:21PM
Buffet is investing in Marvel. He likes Iron Man.
Posted by guest, Jun 18, 2008 12:21PM
Buffet is investing in Marvel. He likes Iron Man.
Posted by guest, Jun 18, 2008 12:22PM
@12:16 Shecky is that you?
Posted by guest, Jun 18, 2008 12:23PM
I told my significant other that this financial biz is just like farming. You have good years and bad. If I shot myself everytime I got laid off or fired I'd look like a Swiss cheese.
There are two kinds of IBs : Those who have been "let go" and those who are going to be..
Posted by guest, Jun 18, 2008 12:27PM
If Buffett invested in Smuckers would it get them out of a jam?
Here I am.
~Shecky Buffett
Posted by guest, Jun 18, 2008 12:33PM
I'm a black associate at WB. I know they are not going to lay me off, because if they did, I get the NAACP to sue them racist motherfuckers. you know what I mean? I'm black and went to Harvard HBS, i ain't no lazy nigga, cuz... So all you white folks crying over losing your jobs, screw you. this is one for engaging in slavery, cuz!
Posted by Investorcluzo, Jun 18, 2008 12:39PM
@12:33 - whatever, you're not black (you're an a$$clown). trying to start the whole affimative action discussion here does not apply. it's every man, woman and child for themselves in this environment. notice how many senior women have already been let go (do it on a % basis)?
Posted by guest, Jun 18, 2008 12:41PM
"notice how many senior women have already been let go (do it on a % basis)?"
answer: not enough
Posted by mktmkr, Jun 18, 2008 12:41PM
Went to HBS and work for Wachovia? I wonder why.
Posted by guest, Jun 18, 2008 12:46PM
If it cheers anyone up Carney just got bitchslapped by Alphaville:
Posted by AJ, Jun 18, 2008 12:46PM
Mmm, looove morbid humor. The young'uns need to get used to it.
Has anyone made the joke yet about how the Charlotte contractors better be getting ready to turn wine cellars back into mud rooms?
Posted by big r, Jun 18, 2008 12:58PM
i think bess and carney posted 12:02 so they can get a lot of comments and have an excuse to take an extended lunch. clever.
Posted by guest, Jun 18, 2008 1:03PM
From what I know, not a single person in the Wachovia Industrials Group has been furloughed. Over-dramatized, weak headline story.
Posted by guest, Jun 18, 2008 1:07PM
I do not work in banking so please enlighten me: Are the bonuses awarded pro-rata? Seems like it would be a huge kick in the nuts to work your ass off all year and then get shit canned right before the bonuses are given out.
Posted by guest, Jun 18, 2008 1:07PM
k wachovia exec at 1:03
Posted by guest, Jun 18, 2008 1:20PM
Warren Buffet wouldn't touch the banking industry with a 10' pole. Make me wish he could sue the fuck out of whoever is putting out that rumor so they can get a quick pop to the stock.
Posted by cheesedog, Jun 18, 2008 1:25PM
CDS back out 20.....as with most Buffet rumors, this looks lame.
Posted by BlackSwan06, Jun 18, 2008 1:27PM
@12:33 - if you believe you're immune to layoffs, there's a bridge in Brooklyn that's just screaming to be sold to you.
Bottom line -- markets are barfing left and righ, cash is king, and if you haven't saved for a rainy day, you need to. Did they not teach you that at HBS?
Posted by Investorcluzo, Jun 18, 2008 1:30PM
@1:07 - pro rata, ha, ha! ib received the gold medal for the nutsack kick in the past 4 olympics. they are going for a record fifth this year in beijing...and yes, the execs get pleasure from knowing the guys they just fired will be reading about the bonus dollars that their ex-colleagues will be receiving.
Posted by guest, Jun 18, 2008 1:35PM
BlackSwan06? Really?
Posted by guest, Jun 18, 2008 1:36PM
what ever happened to Black Banker? haven't seen him here in a while. laid off?
Posted by Investorcluzo, Jun 18, 2008 1:40PM
@1:36 - I don't recall seeing "black banker", "blndebnker" yes. what happened to "GAnalYst", haven't seen him in a long while.
Posted by guest, Jun 18, 2008 1:41PM
@ Guest 1:20PM
"Warren Buffet wouldn't touch the banking industry with a 10' pole."
I could have sworn he invested in Wells Fargo, a bank...
Posted by BlackSwan06, Jun 18, 2008 1:43PM
@1:35 yeah, well... why not...
Posted by guest, Jun 18, 2008 1:50PM
if you say so.
Liar'sPoker07.
Posted by guest, Jun 18, 2008 1:53PM
Increase the size of those equity desks, baby!
Posted by guest, Jun 18, 2008 1:56PM
Buffet loves JetBlue.
Posted by guest, Jun 18, 2008 1:58PM
Green horseshoe loves JetBlue.
Posted by guest, Jun 18, 2008 1:59PM
Are Carney and Bess having a fling?
Posted by StMarc, Jun 18, 2008 2:01PM
Now, now, let's not be hasty.
"All the conference rooms are booked and there's plenty of tissues on hand" *could* also mean that they are diversifying into the adult entertainment industry. Maybe just some focus groups, maybe auditions. Dunno. But there's always more than one explanation.
M
Posted by redpandot, Jun 18, 2008 2:04PM
@StMarc... Ha!
Posted by guest, Jun 18, 2008 2:05PM
@ big r- definitely
@cluzzo- yeah, where the eff is blndebanker? She get the ax with Callan?
Posted by guest, Jun 18, 2008 2:06PM
clever, that st marc
Posted by guest, Jun 18, 2008 2:11PM
Hey Guest, BH is the biggest investor in WFC. It owns over 8% of the stock. So apparently he would touch it with a 10 foot pole. In fact, I'd say 8% could be considered a reach around...
Posted by guest, Jun 18, 2008 2:13PM
dumas
Posted by guest, Jun 18, 2008 2:13PM
Buffet loves Marvel.
Posted by ArtVandelay, Jun 18, 2008 2:13PM
Shoot... at 8% he's USING his 10 foot pole...
Posted by guest, Jun 18, 2008 2:22PM
Jimmy Cayne loves McGriddles.
Posted by guest, Jun 18, 2008 2:30PM
Bess loves Carney.
Posted by guest, Jun 18, 2008 2:37PM
chad @ 12:17PM has it right: Risk vs. reward, baby. Risk vs. reward. mrpink @ 12:19PM also said it well: "Get used to it. ... Better save your $$ if you choose this industry."
Posted by guest, Jun 18, 2008 3:08PM
crushing it bro, crushing it.
got any other tired wall st trueisms you want to share with us?
Posted by MF, Jun 18, 2008 3:11PM
guest @2:05 - If I remember well, I was promised a posterior inspection of blndebanker. She must be preparing (i.e. getting in shape) for that event.
Posted by guest, Jun 18, 2008 3:25PM
wtf? I said Black Banker. blndebanker commented just yesterday (or maybe today, i forget)
Posted by blndebnker, Jun 18, 2008 3:27PM
Wow you guys really missed me, eh?
Posted by guest, Jun 18, 2008 3:30PM
there she is. 8 inch stilettos and a smile.
Posted by blndebnker, Jun 18, 2008 3:33PM
@3:30pm - Ahh, you know me too well.
Posted by guest, Jun 18, 2008 3:37PM
don't tease.
Posted by blndebnker, Jun 18, 2008 3:39PM
Okay they are really more like 4 inches.
Posted by Investorcluzo, Jun 18, 2008 3:40PM
@blndebnker - you realize it's comments like that which will perpetuate the commentary (but I bet you secretly like the attention). btw, I heard erin is now wearing "wedges" instead of the more provocative, er stylish, stilettos...
Posted by guest, Jun 18, 2008 3:40PM
"all conference rooms on that floor have been booked, and boxes of Kleenex are on hand."
Sounds like a circle jerk to me. Its not like those clowns have anything else to do right now.
Posted by guest, Jun 18, 2008 3:41PM
as long as you are still smiling!
Posted by guest, Jun 18, 2008 3:42PM
"I bet you secretly like the attention"...not so secretly
Posted by guest, Jun 18, 2008 3:43PM
will you guys stop raining on the parade please.
Posted by guest, Jun 18, 2008 3:51PM
that's not rain.
Posted by blndebnker, Jun 18, 2008 3:52PM
@Cluzo - I wouldn't really call it attention. I am certainly entertained by you males though and the commentary that ensues considering nobody actually knows what I look like nor can it even be verified that I'm a female (not trying to rain on the parade 3:43!). And for the record, 4 inch heels are pretty standard for stilettos (which are my go-to)and therefore I wasn't really being provocative. It's shoes, not underwear. And as for Erin, she should never compromise her shoe choices for the conservative, judgmental masses. Those shoes were fierce.
Have to say, Cluzo...never thought you'd turn on me!
Posted by guest, Jun 18, 2008 3:54PM
you guys have completely ruined this for me.
but the 4 inch heels could be banana republic flip flops for all i care as long as there's nothing between them and the smile
Posted by guest, Jun 18, 2008 3:56PM
"not trying to rain on the parade 3:43"
oh and thanks for that, happy to play along if you are
Posted by Investorcluzo, Jun 18, 2008 3:59PM
@blndebnker - I didn't turn on you, you read way to much into my comment, I wasn't passing judgement! you're still my one of my fav's (next to girl, of course, but I've met her)...as long as you don't go to the "wedge" (I hate those things), I've got your back (even if I haven't seen it @MF).
Posted by guest, Jun 18, 2008 4:05PM
cluzo you seem to have very strong opinions on ladies shoes
Posted by guest, Jun 18, 2008 4:22PM
or taste. cluzo must have at least one of the two.
Posted by guest, Jun 18, 2008 4:33PM
yyyyyyyyyeah. trying to brush off a dude having strong opinions on womens shoes as simply having "taste" does not at all negate the implications of a dude having strong opinions on womens shoes, but hey to each his own.
Posted by guest, Jun 18, 2008 4:35PM
@Cluzo
"but I bet you secretly like the attention"
how is that not passing judgement?
Posted by guest, Jun 18, 2008 4:36PM
Omigod! Cluzo do you love the new Miu Miu round toe slingbacks? We should discuss over pedis.
Posted by guest, Jun 18, 2008 4:44PM
I missed you blonde, though your absence along with that comment about stilettos and possibly not being a girl has me now speculating that you could be MRP's alterego...
Now I'm sad and confused.
Posted by MF, Jun 18, 2008 4:45PM
I would also be happy to do some research on the 'femaleness' of blndebnker.
Posted by blndebnker, Jun 18, 2008 4:45PM
Hmmm okay Cluzo. Makes sense since you two have hung out and she's quite the witty one. And no wedges for me, scout's honor.
Posted by guest, Jun 18, 2008 4:48PM
444 thats absurd.
Posted by guest, Jun 18, 2008 4:57PM
Wachovia to blonds to shoes. Nice.
Posted by mrpink, Jun 18, 2008 5:11PM
@ 4:44
I'm a man, always have been, always will be. I sure as hell ain't letting anyone put a knife near my precious parts. And, I don't want to work for Ping Jiang. I'd rather starve.
LOL
-mrp
Posted by guest, Jun 18, 2008 5:18PM
@4:48- Thank you. I try. (really, i am dumbfounded that for an even split-second you thought that was even in the realm of serious. moreover, nothing in this thread has been serious so I also wonder why you thought I would start changing the tone with that comment.)
@MRP- Haha, very good. Ping is one creepy dude. Better stock up on those shack stacks before you hit chi-town!
@Blondie- I still heart you
-4:44
Posted by blndebnker, Jun 18, 2008 5:23PM
haha aww 5:18 I heart you too
Posted by FUNdamental, Jun 18, 2008 5:33PM
@cluzo - you've got guests all a flutter with your comments!
@blnde - stilettos are a popular choice, but you're an admitted uggs owner are you not?
Posted by blndebnker, Jun 18, 2008 5:46PM
@FUN - I am. They are warm and comfy in the winter and I love them, even if they look like duck feet.
Posted by FUNdamental, Jun 18, 2008 5:52PM
@blnde - +1 for sticking by your guns.
Posted by blndebnker, Jun 18, 2008 5:56PM
Thank you Fun...I'm out all. Have a fab one.
Posted by mrpink, Jun 18, 2008 5:59PM
4:44-
Damn right I'll be at the Shake Shack. Also, probably will be at Harry's/Ulysses.. I am sure going to miss those places. Love stumbling out of harry's at midnight and rolling into Ulysses til 4am on Friday nights.
Speaking of which.. time for me to head downtown! LOL
Peace
mrp
Posted by guest, Jun 18, 2008 6:21PM
@MRP- Im insanely jealous. Gd knows I need a tall glass of scotch.
@Blondie- thanks sweetheart!
-4:44/5:18
Posted by guest, Jun 18, 2008 10:08PM
Wachovia should fire its board.
Posted by guest, Jun 18, 2008 11:43PM
Good to see the interest in a post with my company in the subject. We all drink the green and blue kool aid.
Black Banker...errr…really tanned Caucasian Banker
Posted by guest, Jun 18, 2008 11:47PM
Erin C...give me a call if you like 'em tanned babes.
Black Banker...errr…really tanned Caucasian Banker
Posted by BlackSwan06, Jun 19, 2008 12:22AM
Uggs? I seriously hate those things... every time I see them I just want to holler "We're not in Aspen, okay???"
My low martini light is on again. Dammit.
Posted by Investorcluzo, Jun 19, 2008 3:08AM
nothing I like more than lga when a storm front moves through...flight 5 hrs delayed. fk!
@FUN - I like to keep 'em flustered or as you say all a flutter...
@Black B - sorry for the oversight, I stand corrected, there is more than just the blnde in our midst. but I thought it was "grape drink", not blue kool aid?
nighty, night, kiddies...
Posted by guest, Jun 20, 2008 12:43AM
You-
-Think LSO is real (he is cool as shit, works at IBM , in the SR and think you all are fucktards)
- Will never be in the SR.
-Don't get shit
-Work in o at MS but talk about how sweet banking is.
-Talk about how longjgayfuck is not that bad.
- Worked at shit house BS and thinking you are a part of our firm.
ME-
-Looking at you filling out your bullshit ER.
Posted by guest, Jun 20, 2008 12:43AM
You-
-Think LSO is real (he is cool as shit, works at IBM , in the SR and think you all are fucktards)
- Will never be in the SR.
-Don't get shit
-Work in o at MS but talk about how sweet banking is.
-Talk about how longjgayfuck is not that bad.
- Worked at shit house BS and thinking you are a part of our firm.
ME-
-Looking at you filling out your bullshit ER.
Posted by guest, Jun 23, 2008 8:33AM
Wall Street over hires when times are good, and then over fires when times are bad. It's a shame to get rolled over by the organization but the fact is that 4 month's severance and being more employable than 99.99% of the rest of the workforce is pretty good comp. for working in a volatile industry.
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Posted by guest, Jun 18, 2008 11:47AM
TIMBER...this industry sucks...people getting shot left and right...Afganistan is safer...when will this end.