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.
Sep 15, 2009, 2:22pm
I sense some judgment from the Bloomberg reporter here re:...
More »
Sep 15, 2009, 2:00pm
Tudor BVI Global: August 2009: 0.5% YTD: 12.5% ...as for...
More »
Sep 09, 2009, 11:27am
Goldman Sachs partner managing director Richard Kimball Jr. apparently got...
More »
Sep 09, 2009, 10:15am
Ladies, if you've been looking to work under one of...
More »
Posted by guest , Jan 07, 2009 12:51PM
guess the rumor wasn't so unfounded
Posted by guest , Jan 07, 2009 12:52PM
ML let go 20% of their Indian franchise today. (corp fin team only)- mostly analysts and associates
Posted by guest , Jan 07, 2009 12:58PM
Wallstrip shut down.
One last shout out may be in order.
Posted by guest , Jan 07, 2009 12:58PM
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?
Posted by guest , Jan 07, 2009 1:04PM
@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.
Posted by BillyRayValentine , Jan 07, 2009 1:05PM
This just in: NEEL KASHKARI last seen gurgling with the load that Ken Lewis gave him yesterday...
Posted by guest , Jan 07, 2009 1:07PM
@6
I though he was a straight Chai Wallah
Posted by guest , Jan 07, 2009 1:09PM
@5- what exp are you speaking of?
Posted by BillyRayValentine , Jan 07, 2009 1:10PM
@7 - LOL...not according to Hank
Posted by guest , Jan 07, 2009 1:11PM
@8, former analyst at BOFA, waaay back in the day. Ran out of there like my hair was on fire
Posted by guest , Jan 07, 2009 1:12PM
@9 - Yikes, I guess it wasn't tea he was gurgling. Thanks for the tip.
Posted by guest , Jan 07, 2009 1:15PM
only the Merrill guys can appreciate the fantastic value offered by the CMBS deals they did with Countrywide.
mlcf0707 Specially Serviced = 5.1%
Posted by Jesse , Jan 07, 2009 1:15PM
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
Posted by guest , Jan 07, 2009 1:18PM
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.
Posted by guest , Jan 07, 2009 1:19PM
@10 - waaay back in the day? I forget this industry is static and nothing changes over the years.
Posted by guest , Jan 07, 2009 1:34PM
Odds of #15 working at BoA suddenly spiked.
Posted by guest , Jan 07, 2009 1:35PM
@15- No you are correct, some things do change, but the bottom tier talent in Charlotte doesn't.
Posted by guest , Jan 07, 2009 1:42PM
agree with 14, keep the starbuck's apron on buddy...
Posted by guest , Jan 07, 2009 1:43PM
agree with 14, keep the starbuck's apron on buddy. also, you're a douche.
Posted by BillyRayValentine , Jan 07, 2009 1:46PM
@14 - that's what his mother says too
Posted by Jesse , Jan 07, 2009 1:49PM
@14 et al. at least I didn't blow up my tradebook and am not trying to dial up the NY employment hotline. LOL.
Posted by guest , Jan 07, 2009 1:58PM
I think the blog is pretty decent
Posted by guest , Jan 07, 2009 2:35PM
@ 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
Posted by guest , Jan 07, 2009 2:36PM
@3
LindsayCampbell.com
Photos
Fashion
#1
INDELIBLE
Posted by BillyRayValentine , Jan 07, 2009 2:42PM
@23 - I'm guessing you don't appreciate and respect Jesse's blog because the content is way over your ability to comprehend.
Posted by Jesse , Jan 07, 2009 2:46PM
@23
I tried signing the comments "guest" but it didn't really work.
Posted by guest , Jan 07, 2009 2:55PM
@25...I don't respect Jesse's blog because it is a Reuters article with the occasional bolded phrase or underlined sentance
Posted by Jesse , Jan 07, 2009 3:18PM
@27
Ok break's over.
Back to the cold call list.
Posted by BillyRayValentine , Jan 07, 2009 4:13PM
@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."
Posted by guest , Jan 07, 2009 4:20PM
Any word on the equity PT or Algo desk?
Posted by guest , Jan 07, 2009 4:21PM
haha jesse is such a tool
Posted by guest , Jan 07, 2009 8:13PM
No more equity prop?
Posted by guest , Jan 07, 2009 9:55PM
@2 - there is one IBK analyst and no associates in India and he's country coverage not corp fin. Eh?
Posted by guest , Jan 08, 2009 12:06AM
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
Posted by guest , Jan 08, 2009 10:03AM
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.
Posted by guest , Jan 12, 2009 3:05AM
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!