Layoffs Watch '08: Wachovia

Posted by Bess Levin, Jul 08, 2008, 10:15am

Wachovia recently laid off a bunch of first year IBD and S&T analysts. Tough break, but WB was kind enough to offer parting gifts that were far more attractive than the bonuses being distributed to employees allowed to keep their jobs. Five months severance, full bonus.

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Posted by american bandersnatch, Jul 08, 2008 10:19AM

That is remarkably generous.

Posted by guest, Jul 08, 2008 10:25AM

That is incredible.

Posted by Clown Capital , Jul 08, 2008 10:32AM

G-damn that's magnanimous. Why don't they send them out the door with a handjob too while they're at it.

Posted by guest, Jul 08, 2008 11:00AM

@ Clown Capital

Quite a few WB guys were spotted at the rub-and-tug place down the street from HQ.

Posted by guest, Jul 08, 2008 11:16AM

Five months for a first year = $25k. Anyone know the bonus range? If Wachovia uses the normal rating scale, I'm sure those who got fired received a 1 or a 2, while those they retained got a 3, 4 or 5. My guess, if you didn't get fired and your bonus wasn't at least $40k, you got screwed.

What kind of company pays out more to the people they fire than those they keep? What a crappy company.

Posted by guest, Jul 08, 2008 11:28AM

Wanna know why WB will be a great investment bank? They know how to retain and pay talent. I like you; you add value to the company. I'll pay you 30 grand. But you over there, I don't like you. Your fired. Here's 45 grand.

Fucking idiots. Anyone know how I can get a job at WB and then get fired?

Posted by Riskybusiness, Jul 08, 2008 11:30AM

I didn't know Wachovia had S&T. Are they a boiler room brokerage?

Posted by guest, Jul 08, 2008 11:52AM

anyone know wb's S&T bonus for the ones got laid off?

Posted by guest, Jul 08, 2008 12:24PM

2nd post.
@11:52.

S&T bonuses
1 - Fired
2 - ?
3 - $30,000
4 - $38,000
5 - No one got a 5

IBD bonuses
No idea

Posted by guest, Jul 08, 2008 12:24PM

Bankers got 12k if they got fired which equals 100 hours a week at Arbys.

Posted by guest, Jul 08, 2008 12:43PM

@11:52 - Hearing that they gave NASCAR tickets instead of cash to the S&T people that were let go.

Posted by guest, Jul 08, 2008 3:18PM

S&T

$12,500 bonus
$25,000 5-months severance

unfortunately, getting out of WB is far better than working at WB.

what a joke

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