Layoffs Watch '09: BAC

Posted by Bess Levin, Jan 07, 2009, 2:30pm

Regarding the aforementioned cuts at Bank of Amerillwide, we're told that sales was "hit hard across all levels from analyst to MD" and that "2/3 of the BofA commodities desk" was relieved of it's obligation to come back after lunch. Door greeter Angelo Mozilo's job is said to be safe, for now.

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Comments

1

Posted by guest , Jan 07, 2009 2:34PM

if only they'd relieve me of my obligation to put a bullet in my head

2

Posted by guest , Jan 07, 2009 2:34PM

any idea when the rest of the layoffs will be announced, i.e. banking, wealth mgmnt, etc.?

3

Posted by aisincl , Jan 07, 2009 2:35PM

Too Vain, didn't Thain

4

Posted by guest , Jan 07, 2009 2:36PM

Ken "were not cutting our dividend" Lewis is such a retard. The "crown jewel" of the MER buy (the brokers) are going to be fighting each other out the door to take bonus money at other shops and Kenny is going to be left with crappy assets, TARP money and John Thain taking his job in 12 months. Oh and hell have to cut the dividend.

5

Posted by guest , Jan 07, 2009 2:37PM

Any idea how this plays into the new building at Bryant Park and the supposedly binding promise B of A made to the City as to an NYC headcount, promises made in order to scam the low-interest loans intended to rebuild downtown around the WTC instead of Midtown?

6

Posted by guest , Jan 07, 2009 2:37PM

My B of A research analyst buddy was laid off 2 weeks ago. 6 months severance, but payout of '08 bonus not until first week of Feb., so must be considered an "employee" until then (e.g. - can't accept another job). WHo knows why they don't just pay it out now and sever thte ties.

7

Posted by guest , Jan 07, 2009 2:39PM

That's the beauty in this...BofA's headcount in NYC is indeed increasing with the acquisition of ML. Of course, it is a drastic net reduction between the two, but that is just samantics really.

8

Posted by guest , Jan 07, 2009 2:40PM

That's the beauty in this...BofA's headcount in NYC is indeed increasing with the acquisition of ML. Of course, it is a drastic net reduction between the two, but that is just samantics really.

9

Posted by guest , Jan 07, 2009 2:41PM

6 cause they don't have the money to payout now..

10

Posted by guest , Jan 07, 2009 2:42PM

4 According to a retail friend of mine, those offers of bonus money to go to other shops dried up big time with the market correction.

11

Posted by guest , Jan 07, 2009 2:43PM

BofA sales and trading will move down to WFC while they enlarge the Bryant Park trading floor and then move it all midtown. Those on ML trading floors who said where will we fit the BofA traders. Guess What!!!

12

Posted by guest , Jan 07, 2009 2:46PM

6 No, no. Its procedural issues that slow this down. The Board has to approve bonuses. For the big guys that is, the others are basically rubber stamped. Then after the board meets, payroll does their thing. With taxes, deferrals, etc. its not so easy.

13

Posted by guest , Jan 07, 2009 2:56PM

sham-wow

http://www.youtube.com/watch?v=pPKtBM99kAc

14

Posted by guest , Jan 07, 2009 3:00PM

@11 is obviously a knob cause BOFA's trading floor is tremendous in the Bryant Park space, much larger than Merrills.

15

Posted by guest , Jan 07, 2009 3:03PM

Wait - how does any of this relate to Madoff? And what ever happened to Marc Dreier?

16

Posted by guest , Jan 07, 2009 3:07PM

Anyone know whats going to happen to the Rates and Currency Prop desk?

17

Posted by guest , Jan 07, 2009 3:10PM

16. RC Good Luck.. haha

18

Posted by guest , Jan 07, 2009 3:10PM

16. RC Good Luck.. haha

19

Posted by guest , Jan 07, 2009 3:11PM

What about the Merrill CMBS group?

20

Posted by guest , Jan 07, 2009 3:12PM

What about the Merrill CMBS group?

21

Posted by guest , Jan 07, 2009 3:13PM

@19/20- http://dealbreaker.com/2009/01/layoffs-watch-09-bac.php

22

Posted by Clown Capital , Jan 07, 2009 3:37PM

This just in: B of A PWM, t minus 2 weeks, give or take...

23

Posted by guest , Jan 07, 2009 4:10PM

hey put back the mustique video. that english dude with the hat was friggin hilarious

24

Posted by guest , Jan 07, 2009 5:06PM

I thought the new name was Lynch America, not Bank of Amerillwide. Am I wrong?

25

Posted by guest , Jan 07, 2009 5:19PM

@24- yes, you are. 1. because bank of amerillwide is funnier and 2. b/c yours doesn't take countrywide into account.

26

Posted by guest , Jan 07, 2009 6:26PM

10 - actually, ML FA's are still getting bonus offers from other firms. Even with the market correction, financial advisors with significant AUM generate a lot of revenue/profits for the firm, and wealth management groups are still paying out to recruit these people.

27

Posted by Investorcluzo , Jan 07, 2009 7:03PM

where/when was the last sighting of wideclops? and what color were her boots?

28

Posted by guest , Jan 07, 2009 8:38PM

stay tuned folks...next round should be in a couple weeks

29

Posted by guest , Jan 07, 2009 8:45PM

didn't read, too bofa

30

Posted by guest , Jan 07, 2009 9:39PM

yesterday we were two. today we are one. tomorrow we are none.

31

Posted by guest , Jan 07, 2009 10:01PM

I love how people are getting axed and BOA and people here have the audacity to ask what building they are going to use. Who really cares about this??

32

Posted by guest , Jan 07, 2009 11:06PM

All three of your firms suck, so who really cares about any of yous.

33

Posted by guest , Jan 08, 2009 7:35AM

Actually, next round is today in Charlotte...i suspect that they effectively shut down the operations in CLT.

34

Posted by guest , Jan 08, 2009 7:37AM

@31, there is no one left at BofA to ask what building they are going to use...they all were (or will be) fired in the next few weeks. ML clearly is running the IB despite them being out of a job unless BofA would have purchased them.

35

Posted by guest , Jan 08, 2009 9:17AM

IB division being cut week of Dec 19th. 20% cuts at Merrill and 60% at BofA...

36

Posted by guest , Jan 08, 2009 9:52AM

Is ML moving out of WFC? Would hate to be Brookfield...

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