Layoffs in the New York and London branches of the House of Dougan are continuing this morning, and expected on Friday. Major cuts are going down in investment banking, as well as equities and fixed income. Supposedly the Chicago office was also was hit hard yesterday afternoon, where second year analysts in IBD received three months plus $25k.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
first
sucks to get laid off 3 wks before the new year when the payment would be taxed at a much lower bracket.
oh well!
..about as good a deal as I’ve heard.
Layoffs? Don’t talk about layoffs. You kidding me? Layoffs?
Comon — you talkin’ ’bout practice man? Practice? Comon man… practice? We ain’t in here talkin’ ’bout the game, we in here talkin’ bout practice. Practice? Practice man? Comon.
does anyone know if the PE group is getting the axe as well?
@2 negotiate a payment on Jan 1 if you want to take credit risk for three weeks
@6: About 50% of the PE group is expected to go (confirmed). Hope you aren’t in it – good luck.
pLayoffs? Practice?
Come after me! I’m a man! I’m 40! I’m not a kid!! Write something about me!!! Get your facts straight…
For who, for what?
was that for analysts or associates?
was that for analysts or associates?
i heard from a senior MD that they intend to lose 1 in 2 jobs within PE. Cuts are due within the next 2 weeks
which group is PE?
CMBS group is officially closed for business. Everybody is gone!
What other groups?
The CS compensation package seems fair. It’s just so unfortunate that these things are happening right before Christmas. I bet there is nothing more terrifing than getting a call from a random conference room this week at CS. Everyone will probably let that one go directly to voicemail. Three months and 25k should be enough time and cash to find something else, I would hope.
Does anyone know about the hedge funds or special situations group? I heard SSG hasn’t executed a trade for the past few months because GS is trying to figure out what to do with them now that they’re a holding company (spin it off / run them as an off balance sheet investment vehicle).
19 here…misread CS as GS…apologies
18 enough time? Possibly for admins and others whose skills are tranferrable. For bankers of all types, no way, not in a shrinking job market.
what about Associate numbers?
@16 – the entire group?! What other groups hit?
@21 that’s why I said, I would hope. I labored over that comment but I stand by it.
@16 not the entire CMBS group – new york is relatively intact, europe seems the hardest hit
Any news on incoming analysts?
I was laid off by CS and it’s the worst feeling in the world. Your immediate outlook is bleek but you work through that state and realize you have to just move on. My job right now is to update my resume and get it out in the market. There market is crowded now with so many bankers that are as or more qualified than I am. That means you will just need to put the extra effort in. The compensation is okay, but I intent on being employed before the three months are up. Any questions just post them I will be open and honest about the layoff and company.
how is FIG doing?
@ 27 sorry about the loss of your job
what group were you in? package?
@27 What group?
What’s up with equity research? Any word?
It’s officially impossible to land a job, even an entry level one in operations. Some of these firms really want Nobel winners for the most basic functions.
@18 / 21
Agreed w/ 21. 3 months & $25k is probably as good a deal as can be hoped for by most. But there is NO WAY that 3 months is enough time to find a new (equivalent) job. This is already as bad as the ’02 cuts and not showing any signs of improving.
@16…where did you get your info from. I disagree that everyone is gone
27: I was in IBD. Package was 3 months and 24k.
@16…where did you get your info from. I disagree that everyone is gone
27: I was in IBD. Package was 3 months and 24k.
99.1% of Contract Workers in LCD were told their last day will be December 19th yesterday. So sad as the group is beyond the best group to work with on Wall Street. Perm. was told that the wave was over as of Thursday. Not sure what that means though. Regrouping and restructuring in the pipeline. CS employs a lot of contractors. More than most places.
99.1% of Contract Workers in LCD were told their last day will be December 19th yesterday. So sad as the group is beyond the best group to work with on Wall Street. Perm. was told that the wave was over as of Thursday. Not sure what that means though. Regrouping and restructuring in the pipeline. CS employs a lot of contractors. More than most places.
@25 who are you? how do you know your info? CMBS is done
@25 who are you? how do you know your info? CMBS is done, your next…
@25 who are you? how do you know your info? CMBS is done, your next…
@25 who are you? how do you know your info? CMBS is done, your next…
TCH MNY here
CMBS is coming back by Mid March…count on it baby!!!!
FIG is Fucked
Mr. P has not done much, and there are plenty of senior guys with zero revenue…
Sad shadow of it self from CD/DLJ FIG with over 150 bankers
What about abs origination? Is that group still around?
BG KILLA says its ALL GOOD… In my pants.
abs originations?
same as .com IPO originations
What happens if you don;t pick up the random conference room call?
how about the secondary desks?
what about ibd coverage?
@51: If you don’t pick up the call you don’t get laid off. Kidding. they will find a way to find you. They will leave a message or call your cell phone. If it’s at that point there is no escaping.
If you’re on a call and someone else picks up then they will call back. If they call back and you are still on a call then they say “tell them to put the other call on hold and pick me up”. Then they get called up to the 7th floor…
On the plus side at least CS have been decent about allowing people back to their desks to send goodbye emails/bloomies etc to people.
CS is/was a complete shyyt show if there ever was one. It was the most the most schizophrenic bank on the street and now sadly in this last thud of fallen giant they are showing just how jacked the place was in the first place. The firm had loads and LOADS of deadweight MDs and Directors who had long ago lost any ability (if they ever had it to begin with) to call on, deal with, much less secure clients and their business. The place trudged along with “lean” deal teams and a the laurels of what it had once been- the preeminent Lev Fin house on the street. The model was simple.
Strong Lev Fin, Origination and Syndication -> Core Coverage Groups (small but big elephant deals), here think Tech Group, Retail Group(pre 06), Chemicals- once part of Energy now GIS(?), Energy, but really Power Group, and last Real Estate, small but a key plu for the vaunted CMBS origination platform that fed directly back into …LevFin. All this meant that CS had the goods when it came to the building blocks to the most lucrative Coverage Group during the “gilded age”- yes, their Sponsors Group.
But you see all this was bulit on the Lev Fin franchise and when Brady showed Bennet Goodman, Trip Smith and Mike Ostover the door- well that was the begining of THE END. it only took 3 years!!! Well now Brady has HIS bank, oh sorry, his ONE BANK, yup, some bank. No coverage groups of any note, dead Lev Fin, fossilized Sponsors Group and ergo a dead IBanking franchise.
The funny thing is, more than any other bank on the street CS was built for this environment, small, global,a mini-universal ala Citi and JPM but with a REAL investment bankinside it- CSFB. But see Brady killed that CSFB to make himself king and now he is king of nice Julius Baer (Internaional).
Adieu M
Majority of cuts in CS Sponsors was 2nd year analysts…I was one of them
How have the LA and SF teams fared?
Just got word that even new associates fresh out of b-school in the London office have been cut as well. They had no ratings to speak off as they haven’t had any reviews done for them for 2008. Pure headcount reduction at this stage.
Wish all of those who got cut the best of luck!
Cuts still ongoing in fixed-income, I’m being told by my old team; morale is subdued and frightening (understandably so).
Former CSer
@57, do you know of which desks these associate cuts are from?
what about Asia guys?