Supposedly there were cuts in capital markets today, and the bloodletting was on both sides, Lehman as well as Barclays people. Apparently a couple of the Barclays guys were directors, and the Lehman cuts were all levels, analysts included.
Layoffs Watch '09: BarcLehs
Posted by Bess Levin, Oct 07, 2008, 4:01pm
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Posted by guest , Oct 07, 2008 4:05PM
This is true...and old news
Posted by guest , Oct 07, 2008 4:07PM
which desks?
Posted by guest , Oct 07, 2008 4:08PM
@3- link?
Posted by guest , Oct 07, 2008 4:13PM
numbers?
Posted by MarshallStack , Oct 07, 2008 4:16PM
Cramer said this back in March.
When he said LEH had reached a level and to sell it because the financials looked great down here and he used to work at Goldie - altho no one remembers him
or his monkey
~ who has nothing to hids
Posted by guest , Oct 07, 2008 4:16PM
Consulting firms to conduct massive layoffs starting in Jan. 2009...
Bonuses were ZERO for well over half of employees.
The blood will keep running.
Posted by guest , Oct 07, 2008 4:16PM
@3, time to turn off the iteration - you just created a circ.
Posted by guest , Oct 07, 2008 4:18PM
i meant to address @1 with that request.
-3
Posted by guest , Oct 07, 2008 4:22PM
My name is Dick Fuld, I own 4 Mansions and a yacht.
Posted by guest , Oct 07, 2008 4:25PM
true. 3m + 10% base = up to director level; carnage -> across the board
Posted by guest , Oct 07, 2008 4:25PM
I feel a bit less ashamed to be laid off last Friday. Oh wait, no I don't.
Posted by guest , Oct 07, 2008 4:26PM
Investment Bankers = Todays version of the Dotcommers.
Posted by guest , Oct 07, 2008 4:27PM
@3 I heard about this at 11 this morning...just saying it is a little late to be reporting.
Posted by guest , Oct 07, 2008 4:28PM
what desks?
Posted by guest , Oct 07, 2008 4:29PM
@13- yeah, sorry they were, you know, doing other posts. this isn't exactly market moving news, or particularly that crazy, considering we all knew there were going to be cuts there. get over yourself.
Posted by guest , Oct 07, 2008 4:31PM
@13 well why didn't you tell bess at 11am?!
Posted by guest , Oct 07, 2008 4:32PM
Barcap levfin + secondary trading brutal around 80 people
Posted by guest , Oct 07, 2008 4:32PM
Guys, the Duck bar at 111th Street and Second Ave. will be opening on Thursday at 6pm. $2 PBR cans and $4 shots of Jameo. Oh, and slutty bartendresses! Huzzah!
Posted by guest , Oct 07, 2008 4:34PM
@13- and yet, there've been no stories anywhere about it...perhaps people aren't as "in the know" as you and didn't hear the rumor, and therefor appreciate this post.
Posted by guest , Oct 07, 2008 4:35PM
Dick Fuld will be riding away in the sunset with 550 Million dollars while the rest of lehmantards will have to go back to crunching numbers and making pitchbooks for close to minimum wage.
Thanks Dubya, Best President Ever.
Posted by guest , Oct 07, 2008 4:36PM
Bloomberg flips out 'cause the credit market retracted a whopping .3062%. This is a crock. 2.58 trillion works out to be $12,900 credit per 200 million US citizens.
http://www.bloomberg.com/apps/news?pid=20601087&sid=araFtj3EAFFw&refer=home
America needs to stop putting everything on credit. You wusses need to start paying your bills, now!
Posted by guest , Oct 07, 2008 4:36PM
Chuck Norris will kick Dick Fulds ass!
Posted by guest , Oct 07, 2008 4:46PM
Okay - cnbc said that the BAC deal is done "oversubscribed at between $22-$23" but final pricing and closing will not be until tomorrow morning (before the open).
Who believes that this is done? If this was done @ $22 why wouldn't it be finalized this second? Why would you risk the overnight and potential armageddon at this point?
Clearly couldn't get buffet to take part in this deal...
Posted by guest , Oct 07, 2008 4:47PM
@22
Dick Fuld could crush Chuck Norris with his wallet.
"Do you like huey lewis and the news???"
Posted by guest , Oct 07, 2008 4:48PM
@23. That is not how equity sales like this work. Every time we did we submitted interest in a deal, we found out early the next morning how much we got and where it was priced. Nobody prices at 6pm. YMMV
Posted by guest , Oct 07, 2008 4:50PM
What desks?
Is Fuld still CEO of the holding Corp?
Posted by guest , Oct 07, 2008 4:50PM
Even Chuck Norris could be brought down by Dick Fuld. Incompetence is strong in that one.
Posted by guest , Oct 07, 2008 4:52PM
If BofA doesn't need Buffett's money, that's a sign it's healthier than Goldman and GE. 10% dividend plus in-the-money warrants would be a real disaster for BofA and its shareholders...
Posted by guest , Oct 07, 2008 4:54PM
@28: Buffett's money is kinda more than "just money". It's a vote of his confidence, and he charges handsomely for it. It's quite a racket.
Posted by guest , Oct 07, 2008 4:57PM
@15 Are you depressed Bess? Might need to get some sleep.
Posted by guest , Oct 07, 2008 5:00PM
@21, there are more like 300M in the U.S. So close to $8,600 per head. If you assume it's paid back in 5 years by an average wage earner of $45K, that works out to about 3.8% of gross annual income. Doesn't sound so huge now.
You should give the same message to all the over-leveraged banks, LBO companies, and PE shops that went credit crazy, not at 1:2 or 1:3 but more like 30:1.
Posted by guest , Oct 07, 2008 5:02PM
@30- there is no depression in that comment, just hate for idiots.
Posted by guest , Oct 07, 2008 5:08PM
@31 - working age population is less than 200 million
Posted by guest , Oct 07, 2008 5:11PM
@33
If Obama is president babies will be filling out w-2s
Posted by guest , Oct 07, 2008 5:16PM
Evidently first years across the board are safe. Everyone else is at risk.
Posted by guest , Oct 07, 2008 5:19PM
FIrst year MBAs?
Posted by guest , Oct 07, 2008 5:34PM
Not old news. Just got cut today from BarcLehs..
Posted by guest , Oct 07, 2008 5:36PM
what desk?
Posted by guest , Oct 07, 2008 5:39PM
Entire securitization group and mostly all commercial real estate underwriters/originators. All levels.
Posted by guest , Oct 07, 2008 5:46PM
What about industry/product groups?
Posted by guest , Oct 07, 2008 5:56PM
cmbs (surprise surprise)
Posted by guest , Oct 07, 2008 6:50PM
maybe they all got laid off as Lehman employees so their severance can be immediately discontinued.
Posted by guest , Oct 07, 2008 8:08PM
#42. That would be mean and sneaky. Didn't some bank suck out money from their London office? Was it them?
Posted by guest , Oct 07, 2008 11:40PM
It was shocking to me as a Lb employee until Sept. of this year that the securitization team (Diane, et al, you know who you are) was still there that long too.
Posted by guest , Oct 08, 2008 12:00AM
How is Equity Derivatives holding up? Is the 3rd floor a ghost town?
Posted by guest , Oct 08, 2008 9:01AM
Pretty brutal - DCM at LEH and Lev Fin at BarCap...bloodshedding, with more to come in other groups (soon).