Apparently, "legal is getting murdered today. Mostly Lehman people, though a few unfortunate Barclettes, as well."
Layoffs Watch '08: BarcLehs Cans The One Group It Could Use Right About Now
Posted by Bess Levin, Oct 23, 2008, 1:28pm
Comments
4
Posted by guest, Oct 23, 2008 1:38PM
I wonder if anyone from Bear who ended up at Lehman, made the cut to Barclays, only to get laid off in this round. That would be pretty rough..
5
Posted by AJ, Oct 23, 2008 1:38PM
Hmm, I met a cute girl a few months ago who worked in Lehman's legal department... wonder if she could use some comforting...
6
Posted by guest, Oct 23, 2008 1:43PM
#4 LOL
you gotta wonder, anyone arrogant enough to work in banking gets what they deserve...
7
Posted by guest, Oct 23, 2008 1:45PM
@ 6, shove it. your just jealous that you couldn't manage to get a job in banking let alone an interview. whats happening is unfortunate, but don't 'hate'
9
Posted by prgy, Oct 23, 2008 1:49PM
Hey @ 6 smell like you need a box of tampons, you small minded jerk off!
10
Posted by guest, Oct 23, 2008 1:50PM
@4, I wouldn't be surprised if that happens, because I know guys that were hired in September and are now fired...analysts mainly.
11
Posted by guest, Oct 23, 2008 1:50PM
@7. Stop you're crying. If your as qualified as you imply - probably don't need to worry. That is if you weren't a volume hire during the good times.
12
Posted by guest, Oct 23, 2008 1:52PM
Goldman is now joining the bloodpath party:
http://money.cnn.com/2008/10/23/news/companies/goldman_jobs/index.htm?postversion=2008102313
14
Posted by guest, Oct 23, 2008 1:53PM
fck you #6, hope you'll get 25 inches of what you deserve in your twinkle twinkle little star tonight
15
Posted by guest, Oct 23, 2008 1:53PM
#11 aren't we smug. Are you feeling comfortable in your custodial position? Nothing is forever except for your mom's love of penis.
16
Posted by guest, Oct 23, 2008 1:54PM
WTF is going on today in the US Equities markets? Was there an explosion somewhere? Very strange.
18
Posted by guest, Oct 23, 2008 1:56PM
@16.. Yes its very odd.. looks like a huge unwind or something?
21
Posted by guest, Oct 23, 2008 1:58PM
12-
Thank you for posting a link which DB already posted this morning. You are a Dealbreaker Power Contributer.
http://dealbreaker.com/2008/10/layoffs-watch-08-goldman-sachs.php
22
Posted by guest, Oct 23, 2008 2:01PM
The CNNMoney article I posted earlier suggests rightly that it's better for the banks to start culling the sheep now rather that waiting for Thanksgiving and Christmas to do it.
I wanted to see a mass Christmas Eve layoff. That would have been fun. No matter; I bet the big F500 like F are man enough to fire their employees right on Christmas Day, in person, while you're at your daughter's Christmas play where she's playing Mary mother of Jesus.
24
Posted by guest, Oct 23, 2008 2:04PM
Does anyone have TPG's 1200 slide presentation on the Macro economy?
25
Posted by guest, Oct 23, 2008 2:05PM
AJ - I like your thinking. Oportunistic investing at its finest.
26
Posted by guest, Oct 23, 2008 2:06PM
Just spoke to guy that made it through to the other side.. It's an absolute shit show. Too bad there's not a way to buy protection on the BarCap legal and compliance dept.
27
Posted by guest, Oct 23, 2008 2:06PM
I thought prgy was banished back to Yahoo!
prgy: Please go back, your comments add no value.
29
Posted by guest, Oct 23, 2008 2:09PM
@26: Define "shit show" - half the department? Only 1 month severance?
@16 and @18: Every single time the market has turned up the past couple of months, it has started collapsing in the afternoon. Can think of only a couple of times this has not happened: 99% of the time early morning strength is followed by major selling, especially after 2:30. No one wants to go home long.
31
Posted by guest, Oct 23, 2008 2:12PM
Tried to get someone on the phone at BarcLeh Compliance all morning about a problem, can't get anyone. You know it's bad when they are cutting Compliance!
32
Posted by guest, Oct 23, 2008 2:12PM
@7 and 11 - Learn the differences between "you're" and "your", please.
34
Posted by guest, Oct 23, 2008 2:18PM
@29,
The selling's not as wholesale (dumping ETFs). But there's a ton of it.
35
Posted by guest, Oct 23, 2008 2:19PM
I'm guessing the educational quotient of chicks on CL Erotic is going up every day now. I love plowing Ivy League chicks who lost their jobs.....hahaha
36
Posted by guest, Oct 23, 2008 2:20PM
Amazingly, Alvarez & Marsal is hiring many of the ex-Lehman lawyers to work on its unwind of the massive Lb estate's portfolio. Nothing like hiring the foxes to guard the henhouse.
37
Posted by guest, Oct 23, 2008 2:20PM
34 Not really that close to this stuff, but dumping ETFs late in the day is largely a sign of hedge fund selling, correct? Them not wanting to go him with broad market or sector exposure. Yes?
38
Posted by guest, Oct 23, 2008 2:24PM
margin calls people- they give you until 2:30, 3:00 to come up w./ the dough
39
Posted by guest, Oct 23, 2008 2:25PM
massive layoffs will continue - think Jonestown, Guyana; think Pol Pot Killing Fields Cambodia, Darfur, Stalin's Gulag's (well people were technically employed/enslaved there)...
After x-mas I'll bet over/under of F500 is 100k layoffs...and that doesn't include large private companies.
@36...how about PwC (AIG, Freddie auditor) and E&Y (LEH auditor) helping Treas on bailout accounting!
Start hording your cash kiddies - gonna need it to hide out.
40
Posted by guest, Oct 23, 2008 2:25PM
38 Someone said last week that the early am selling was margin calls. Margin clerks come in and start selling, was the comment. Which is it?
41
Posted by guest, Oct 23, 2008 2:27PM
200,000 Investment Banking Jobs lost so far!
I'm glad I work at Deutsche Bank. We are the only powerhouse left intact.
SUCK IT YOU LOSERS.
42
Posted by prgy, Oct 23, 2008 2:28PM
Hey @ 27, I didnt know Goldman let the janitorial staff have access to computer terminals.
43
Posted by guest, Oct 23, 2008 2:30PM
@38: who does cash trades? even if they give you until 3pm, it takes a few days for your trades to clear so you even HAVE the dough to fork over.
45
Posted by guest, Oct 23, 2008 2:34PM
@41 - who knew deutsche was still operating? Not me...I thought they all went home to make wooden shoes or something
46
Posted by guest, Oct 23, 2008 2:35PM
@41
We deutsche-bags will spit on the carcasses of the goldman stanley.
48
Posted by guest, Oct 23, 2008 2:39PM
@45
you got hit hard with the stupid stick or what?!
wooden shoes is the netherlands, and deutsche bank is from...
(say it out loud while looking at your ugly face in the mirror, that way you'll remember)
51
Posted by guest, Oct 23, 2008 2:56PM
@35
I prefer the dumb cokewhores, or the strippers who are looking for a little more money on the side...
Plow them till they're sore, give 'em a bit of verbal & emotional abuse, then toss them out when I'm done!
I like to think I'm acclerating their downward spiral....
52
Posted by miami, Oct 23, 2008 2:57PM
Good, my experience was the GC/CL were awfully ignorant about a variety of issues, didn't have a clue about proper risk mgmt, and skipped many Risk Committee meetings.
Amazing how that kind of behavior often comes back to haunt one, isn't it?
53
Posted by guest, Oct 23, 2008 3:00PM
@35
I prefer the dumb cokewhores, or the strippers who are looking for a little more money on the side...
Plow them till they're sore, give 'em a bit of verbal & emotional abuse, then toss them out when I'm done!
I like to think I'm acclerating their downward spiral....
54
Posted by guest, Oct 23, 2008 3:00PM
@41 When Deutsche does start to lay off people (and they will) pray you're not in the first wave of people to go...
55
Posted by guest, Oct 23, 2008 3:08PM
@48--thats sarcasm jackass...the germans never do anything right, so, simply stuff is their best bet. Go buy me a rail pass to switzerland..chop, chop
@51--spoken as a true humanitarian, tough love is so misunderstood lately
56
Posted by guest, Oct 23, 2008 3:12PM
@55
Yeah, I love finding out exactly how far they'll go for money, and where they draw the line.
If they hate themselves just a little more when it's over, I've done my job...
[Sorry for the double post earlier]
58
Posted by guest, Oct 23, 2008 3:27PM
@54 not worried, we haven't lost a single person. My bonus might get slashed by 20 percent from last year though, I guess I won't be buying that Ski-doo this year.
Whoopity Doopity.
59
Posted by guest, Oct 23, 2008 4:16PM
@7,11 You idiots need a lesson on the difference between "your" and "you're". @11 gets an award for using both incorrectly in a single post.
60
Posted by guest, Oct 23, 2008 4:23PM
I know of numerous people who joined Barclays IBD from Bear and have just now been let go again...
61
Posted by guest, Oct 23, 2008 4:34PM
@59 STFU go back to teaching 3rd grade english, that's probably the only job you are qualified for anyway.
62
Posted by guest, Oct 23, 2008 4:50PM
@61. 59 here. nice come back, really. speaking of 3rd grade...
66
Posted by guest, Oct 23, 2008 6:24PM
Working for a German financial firm is like working for the guvmint. Job for life as long as you have a pulse. Even after all those crap landesbanks lost their AAA ratings nobody got laid off.
Germans kick ass at making cool stuff like cars but they suck at finance.
Hitler, who said anything about Hitler?
67
Posted by guest, Oct 23, 2008 6:38PM
Apparently the decisions on who to let go at Barclehs were made by the "Old Guard" at Lehman Legal...way to go Barcs...hold on to the ones who really know how to exercise superior judgment!
68
Posted by guest, Oct 23, 2008 10:22PM
So what? I'm still a rock star. I've got my rock moves, and I don't need you.
70
Posted by guest, Oct 26, 2008 7:04PM
Reading these posted comments is like watching animals canabalize their young.
The reason where in this mess is 95% of bankers and lawyers do have a clue what the hell they're doing.
As a matter of fact- those that have posted the harshest comments #22, #35, #51, and a few more (you know who you are) deserve to have their offspring and their reproductive organs canabalized to overt another crisis down the road.
thanks
71
Posted by guest, Oct 26, 2008 7:05PM
Reading these posted comments is like watching animals canabalize their young.
The reason where in this mess is 95% of bankers and lawyers do have a clue what the hell they're doing.
As a matter of fact- those that have posted the harshest comments #22, #35, #51, and a few more (you know who you are) deserve to have their offspring and their reproductive organs canabalized to overt another crisis down the road.
thanks
72
Posted by guest, Oct 26, 2008 7:05PM
Reading these posted comments is like watching animals canabalize their young.
The reason where in this mess is 95% of bankers and lawyers do have a clue what the hell they're doing.
As a matter of fact- those that have posted the harshest comments #22, #35, #51, and a few more (you know who you are) deserve to have their offspring and their reproductive organs canabalized to overt another crisis down the road.
thanks
73
Posted by guest, Oct 26, 2008 7:05PM
Reading these posted comments is like watching animals canabalize their young.
The reason where in this mess is 95% of bankers and lawyers do have a clue what the hell they're doing.
As a matter of fact- those that have posted the harshest comments #22, #35, #51, and a few more (you know who you are) deserve to have their offspring and their reproductive organs canabalized to overt another crisis down the road.
thanks
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Posted by guest, Oct 23, 2008 1:33PM
Screw the lawyers.