• 07 Jan 2009 at 12:35 PM

Layoffs Watch ’09: BAC

By

As previously mentioned, cuts are going down at Bank of Amerillwide today, and are expected to continue through the week. From the front lines:

Apparently the Head of CMBS trading for BofA was let go. Given BofA’s historical presence in the space, it confirms who is controlling the the new IB.

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    Comments (36)

    1. 1
      Posted by guest | January 7, 2009 at 12:51 PM

      guess the rumor wasn’t so unfounded

    2. 2
      Posted by guest | January 7, 2009 at 12:52 PM

      ML let go 20% of their Indian franchise today. (corp fin team only)- mostly analysts and associates

    3. 3
      Posted by guest | January 7, 2009 at 12:58 PM

      Wallstrip shut down.
      One last shout out may be in order.

    4. 4
      Posted by guest | January 7, 2009 at 12:58 PM

      Why are they keeping the ML guys???? Aren’t they the ones who sunk ML and need the buyout? I would think those go-go high flyers from ML should go and keep the low flying even keeled team that got you to where you are BoA. I think this would especially be true in the MBS arena. It looks like BoA has really gone WallStreet. Don’t they see that MainStreet is safer than WallStreet?

    5. 5
      Posted by guest | January 7, 2009 at 1:04 PM

      @4, simply more talent as far as the securities business at Merrill goes. Obviously there were one or two desks at ML that ruined the firm, but as a whole they have a fine trading operation, whereas BOFA does not. Believe me I speak from experience.

    6. 6
      Posted by BillyRayValentine | January 7, 2009 at 1:05 PM

      This just in: NEEL KASHKARI last seen gurgling with the load that Ken Lewis gave him yesterday…

    7. 7
      Posted by guest | January 7, 2009 at 1:07 PM

      @6
      I though he was a straight Chai Wallah

    8. 8
      Posted by guest | January 7, 2009 at 1:09 PM

      @5- what exp are you speaking of?

    9. 9
      Posted by BillyRayValentine | January 7, 2009 at 1:10 PM

      @7 – LOL…not according to Hank

    10. 10
      Posted by guest | January 7, 2009 at 1:11 PM

      @8, former analyst at BOFA, waaay back in the day. Ran out of there like my hair was on fire

    11. 11
      Posted by guest | January 7, 2009 at 1:12 PM

      @9 – Yikes, I guess it wasn’t tea he was gurgling. Thanks for the tip.

    12. 12
      Posted by guest | January 7, 2009 at 1:15 PM

      only the Merrill guys can appreciate the fantastic value offered by the CMBS deals they did with Countrywide.
      mlcf0707 Specially Serviced = 5.1%

    13. 13
      Posted by Jesse | January 7, 2009 at 1:15 PM

      Here is the reason that Merrill just bagged a big piece of their India operations. Their ‘Enron’ just blew up.
      http://jessescrossroadscafe.blogspot.com/2009/01/indias-enron-lessons-learned-from-west.html

    14. 14
      Posted by guest | January 7, 2009 at 1:18 PM

      jesse that is seriously the worst blog i have ever seen in my life, i just can’t believe this is how you’re spending your time.

    15. 15
      Posted by guest | January 7, 2009 at 1:19 PM

      @10 – waaay back in the day? I forget this industry is static and nothing changes over the years.

    16. 16
      Posted by guest | January 7, 2009 at 1:34 PM

      Odds of #15 working at BoA suddenly spiked.

    17. 17
      Posted by guest | January 7, 2009 at 1:35 PM

      @15- No you are correct, some things do change, but the bottom tier talent in Charlotte doesn’t.

    18. 18
      Posted by guest | January 7, 2009 at 1:42 PM

      agree with 14, keep the starbuck’s apron on buddy…

    19. 19
      Posted by guest | January 7, 2009 at 1:43 PM

      agree with 14, keep the starbuck’s apron on buddy. also, you’re a douche.

    20. 20
      Posted by BillyRayValentine | January 7, 2009 at 1:46 PM

      @14 – that’s what his mother says too

    21. 21
      Posted by Jesse | January 7, 2009 at 1:49 PM

      @14 et al. at least I didn’t blow up my tradebook and am not trying to dial up the NY employment hotline. LOL.

    22. 22
      Posted by guest | January 7, 2009 at 1:58 PM

      I think the blog is pretty decent

    23. 23
      Posted by guest | January 7, 2009 at 2:35 PM

      @ 13…why do you feel the need to write -jesse after every “joke” you write in your “blog”?
      I wouldn’t want my name anywhere near those stinkbombs

    24. 24
      Posted by guest | January 7, 2009 at 2:36 PM

      @3
      LindsayCampbell.com
      Photos
      Fashion
      #1
      INDELIBLE

    25. 25
      Posted by BillyRayValentine | January 7, 2009 at 2:42 PM

      @23 – I’m guessing you don’t appreciate and respect Jesse’s blog because the content is way over your ability to comprehend.

    26. 26
      Posted by Jesse | January 7, 2009 at 2:46 PM

      @23
      I tried signing the comments “guest” but it didn’t really work.

    27. 27
      Posted by guest | January 7, 2009 at 2:55 PM

      @25…I don’t respect Jesse’s blog because it is a Reuters article with the occasional bolded phrase or underlined sentance

    28. 28
      Posted by Jesse | January 7, 2009 at 3:18 PM

      @27
      Ok break’s over.
      Back to the cold call list.

    29. 29
      Posted by BillyRayValentine | January 7, 2009 at 4:13 PM

      @28 ROFLMAO…@27 – sometimes its what you just said when he’s posting a very relevant piece of news that can use some commentary and sometimes he posts analysis that is very non-trivial and presents data and information that requires effort to dig out of from beneath the rubble of bullshit that mainstream media insults us with by labelling it as “news.”

    30. 30
      Posted by guest | January 7, 2009 at 4:20 PM

      Any word on the equity PT or Algo desk?

    31. 31
      Posted by guest | January 7, 2009 at 4:21 PM

      haha jesse is such a tool

    32. 32
      Posted by guest | January 7, 2009 at 8:13 PM

      No more equity prop?

    33. 33
      Posted by guest | January 7, 2009 at 9:55 PM

      @2 – there is one IBK analyst and no associates in India and he’s country coverage not corp fin. Eh?

    34. 34
      Posted by guest | January 8, 2009 at 12:06 AM

      ML’s CMBS guy was tapped to lead the desk over 2 months ago, so the writing should have been on the wall for BofA.
      And BofA’s group sux

    35. 35
      Posted by guest | January 8, 2009 at 10:03 AM

      Wasn’t every ML guy tapped to head their respective group? Name one BofA guy that is in charge of his previous team on the IB side. This is really the most interesting acquisition I have ever seen. I guess when KL said he had all the fun he could stomach…he meant BofA IB and not IB overall.

    36. 36
      Posted by guest | January 12, 2009 at 3:05 AM

      I love all the comments here from people who think they know what’s going on.
      If you worked here you’d know how many of these comments are total horseshit!

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