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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if only they’d relieve me of my obligation to put a bullet in my head
any idea when the rest of the layoffs will be announced, i.e. banking, wealth mgmnt, etc.?
Too Vain, didn’t Thain
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.
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?
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.
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.
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.
6 cause they don’t have the money to payout now..
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.
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!!!
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.
sham-wow
http://www.youtube.com/watch?v=pPKtBM99kAc
@11 is obviously a knob cause BOFA’s trading floor is tremendous in the Bryant Park space, much larger than Merrills.
Anyone know whats going to happen to the Rates and Currency Prop desk?
16. RC Good Luck.. haha
16. RC Good Luck.. haha
What about the Merrill CMBS group?
What about the Merrill CMBS group?
@19/20- http://dealbreaker.com/2009/01/layoffs-watch-09-bac.php
This just in: B of A PWM, t minus 2 weeks, give or take…
hey put back the mustique video. that english dude with the hat was friggin hilarious
I thought the new name was Lynch America, not Bank of Amerillwide. Am I wrong?
@24- yes, you are. 1. because bank of amerillwide is funnier and 2. b/c yours doesn’t take countrywide into account.
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.
where/when was the last sighting of wideclops? and what color were her boots?
stay tuned folks…next round should be in a couple weeks
didn’t read, too bofa
yesterday we were two. today we are one. tomorrow we are none.
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??
All three of your firms suck, so who really cares about any of yous.
Actually, next round is today in Charlotte…i suspect that they effectively shut down the operations in CLT.
@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.
IB division being cut week of Dec 19th. 20% cuts at Merrill and 60% at BofA…
Is ML moving out of WFC? Would hate to be Brookfield…