The canning campaign begun at Bank of Amerillwide a couple weeks back proceeds at a pace, with the firm set to cut around 4,000 employees from the capital markets biz (likely tomorrow but possibly beginning as early as today.) According to the FT, the reductions in headcount are expected to be relegated mostly to New York, and affect mostly BAC legacy employees. More news as it comes in. Have something to get off your chest (Angelo)? Let us know.
Earlier: Layoffs At BAC
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
They just chopped six months off of our analyst program yesterday.
Merrills paid themselves very well – bonuses were apparently flat to last year and hit the accounts at end of December. BofA is losing the battle…
moz is getting canned
@1, BAC or MER? Which program, and if comfortable, which year?
http://www.break.com/index/prank-call-to-christian-show.html
Cheer up everybody – as long as there is ridiculously funny sh*t like this on the internet, life won’t be that bad in the down times
Come on, you two can afford nicer ties.
5 here
Meant to post this one:
http://www.break.com/index/hilarious-prank-call-to-cheating-husband.html
my buddy says mostly the BAC people are being layed off. Everyone has to re-interview for their job and sometimes they arent even keeping the person with better client relationships.
so wrong
@9- what, exactly? the FT story or @8?
Not sure if you mean wrong as incorrect OR wrong as in they shouldnt be doing that. However, I can tell you that they are letting top tier people go. I know a few people at BofA that were offered jobs at more prestigious firms several days after they were let go.
As a former MLer, but with no dog in this fight: I can’t even begin to imagine how this could turn out good, or even not f&cking terrible, for BofA.
But then I’ve never been named banker of the year.
@4- BAC, first year, corporate banking.
Get those desks ready at the branches people.
What about the rates and currency prop group?
what are 1st yr wideclops numbers w/ziti and rigatoni?
@ 8 here. meant “so wrong” as in so wrong they’re killing of the BAC folks. Had a momentary flash of emotion.
heard it was vps (and up) today…yesterday I heard about two guys on the IB side. good luck to everyone could potentially be in harms way…
To make matters worse since ML already got their bonuses in December. B of A will pay the few employees that they retain in bonuses that are paid in installments starting in…wait for it…2010. And these installments will be yearly.
ML has nothing been a parasite on B of A taking their bonuses and their jobs, and many of them are resigning anyway!
But don’t worry, B of A has the banker of the year.
Ken Lewis has no respect whatsoever for his employees – they are no better than rats, in his mind.
Remember MER people, you work for him now.
Layoffs at BofA/MER today are in Debt Capital Markets (MER hit hard–BofA won the day there) and Global Markets Thursday and Friday.
In general, nearly all duplicative roles are being eliminated. 8000 people down to 4000 people or so when it is all over. If your manager won, you are in better shape than if he didn’t.
And just for fun, there is an undecided camp (as in “we are not sure what you or your group does”) where you might be ok this week and there will be a third round in early February.
So scary to think about the amount of unemployed rate climbing!
I found it really useful to do temp work in between jobs and picking up freelance and bartending gigs.. it helps to keep you busy, pass the time, and make extra cash
Check out http://www.YAAZE.com.. you can create a profile with resume/ portfolio/ skills and help employers in your area find you easily!!
The perky tone of 22 makes me think this is someone shilling for YAAZE, rather than an unemployed banker.
The grammar sounds like a Roumanian wrote it.
Does anyone know how this will effect the new IB analyst class for BoA?
it’s a massacre across all groups…layoffs restricted to VP and up so far
@26 def not restricted to VPs and up
Does anybody know what happened to BOA legacy New York Commodities employees? (IT and traders)
Includes Analysts as well.
Is Ken Lewis in the list? He should be.
What about Rates?
Is Bofa middle office toast? What trading platform are they rolling into?
Senior heads flying at ML Houston as well…
@7… Awesome!
@28 almost all of them got whacked 2 weeks ago
For I would like for you to help you.
The Roumanian.
@2 ML bonuses got whacked by 60% – 80% this year on top of cuts from last year. They did get paid 12/31 though. Get your facts straight.
@32, MER’s
@37 – BS. Research down 20%.
@37, If you were down 60-80%, it’s because your excellent manager got some of yours.
Not true on the ML bonuses. I have two friends there (one in mid office, another a trader) who were down 30%.
Down 30% is the new up 50%…pretty damn good in my opinion.
@42,
And that’s why you work back office. Clown…
Not true on the ML bonuses. I have two friends there (one in mid office, another a trader) who were down 30%.
@37….Financials say that MER’s compensation bill was flat yoy at $15BN, headcount was slightly down. Where’d the money go if average bonuses were down?
Mine was down 40%
@45 – $ went to Krauss/Montag