As you may have observed, a lot of heated emotion surrounds the whole BAC/MER deal, Of late, we’ve been barraged (in a good way!) by emails blistering with anger and a need for revenge, or at least the catharsis associated with letting it all out on the internet (ex. “Thought you’d be interested in my side of the story which is: F that hick Lewis. He wouldn’t know what a commode on legs if it was sitting on his face. –J. Thain”). While we would never suggest you use Dealbreaker in lieu of professional counseling, as a full-service site, we must give voices to those who cannot be heard, like a human rights watch group or what have you. If anyone else has a message they’d like to more widely disseminate, send it our way. From the mailbag:
So far, BofA has laid off almost all of its 28 sales and trading first year analysts (5 or 6 remain, some of their desks haven’t been through the “deselecting” process.)
For a bank that talked a lot in training about the strength of their “junior pipeline” – they sure don’t actually give a shit. This includes firing analysts who were hired through on-campus recruiting programs at Princeton, Georgetown, UNC, Yale, etc.
Incoming analyst class, beware!
-a former member of the BofA “junior pipeline”
Too BAC, didn’t pay street.
Have fun with your biodegradable mug.
Kramer: I was never able to become a banker.
Newman: Banker! So you’re killing yourself because your dreams of becoming a banker have gone unfulfilled. You-you-you-you can’t live without being a banker.
Kramer: Yeah, yeah. If I can’t be banker, I don’t wanna live.
Newman: You must be banker.
Kramer: MUST be banker.
@3 Classic
Does anybody know associate numbers?
@3 An e-cookie for you for quoting one of the greatest TV shows ever.
Well, maybe Ivy students will be smarter next year and apply to Goldman.
Princeton, Georgetown, UNC, Yale?
One of these things doesn’t belong, one of these things isn’t like the others.
Well, actually, two of these don’t belong, but one REALLY doesn’t belong. Mailbag item clearly sent in by a Tar Heel — no wonder he got fired.
so, bac is not into that ‘yale thing’
George Bush solution for all of you Princeton, Yale, UNC, Georgetown, etc. graduates that just lost their “junior pipeline” jobs is:
Enroll in a Community college and stop bitching! Community colleges are increasingly critical providers of job training, both for degree-seekers and for workers seeking to retool, refine, and broaden their skills.
@9 Nepotism works too.
ITT Tech is always looking for applications into their HVAC and Trick driving schools.
Goose
NYC Union Steamfitters is the new killin’ it, few of you prisses have a chance.
too unc, didn’t ivy
UNC has superior “talent”, if you know what I mean.
Wait, wtf, why is there an incoming analyst class still, anywhere?
Am I the new killin’it?
Stating the obvious here but BAC is based in NC so it’s no surprise they fill out the bench with UNC grads. Also stating the obvious, but it’s hard to give a shit about people with one or two years of experience (if any) whining about how they’re not appreciated. Of course you’re not appreciated, now dance Excel monkey.
@17 – too UNC, didn’t “excel”
Fly, my Excel monkeys, fly!
with apologies to Mr. Burns of The Simpsons.
Is UNC the new UVA?
It took them how long to figure out that you don’t need inhouse lunch delivery “talent”? Who cares…
BAC Risk Analyst class for this coming year is 80% larger than last. Glad I made the right pick.
-current member of the BofA “junior pipeline”
BAC Risk Analyst class for this coming year is 80% larger than last. Glad I made the right pick.
-current member of the BofA “junior pipeline”
BAC Risk Analyst class for this coming year is 80% larger than last. Glad I made the right pick.
-current member of the BofA “junior pipeline”
Very similar deal within Merrill — 30-40% of 2nd year analysts were let go, and another 40% or so of the first years. As I was told “it doesn’t make sense to lay off the cheap talented young people, but we have a headcount target that doesn’t look at anything but raw numbers”
Truth be told, severance at this point was about the same as waiting for a near-zero bonus and then rolling out from there…so not the worst deal in the world.
Oh well…
–
Unemployed? Focus on more than just the job market:
http://freeagents.ning.com
25 “it doesn’t make sense…” True from strict cost benefit analysis, but in this environment its hard to keep all those people busy, which for talented people is in itself destructive and demoralizing.
@ 24, is that commercial finance? i.e. credit analyst?
“Keep going, you’re getting closer to the poison spreadsheet!”
“There is no poison spreadsheet sir, the lawyers made us remove it.”
“Damn their hides!!!”
The one bright side to the merger is that no analyst or associate will have to deal with the travesty that was Banc of America Securities; the bastard child of Bank of America. KL had zero loyalty to the troops of the organization and zero respect from them as well. That is no way an incoming class should be treated at any firm.
@21
Who cares? You should, and so should everyone. A job loss is a job loss. These job losses have a pretty damn big impact, students who are riddled with debt that now have no income, and no chance of finding employment to cover that debt.
Do you have any idea how many people are out there right now who have about 6 months of experience, hundreds of thousands in student loan debt, and have no chance in hell of finding a job?
Grow a brain, moron. I’m glad that everything worked out nice and dandy for your dumb ass when you first started in the industry. Have a little compassion you dick.
@ 30
Slow your roll son!
I feel you, given my bothersome pile of student loans and a very real chance of being gainfully unemployed (having been so previously for a few months as well).
Part of going into Finance, as so many have observed, is the risk/reward (or was, I should say).
@30, you’re right. except Dealbreaker doesnt care about getting interesting comments, otherwise it would require people to sign in with at least some sort of login name. if everyone signs in with guest, its completely anonymous, and everyone can act like a bitchy little 23 year old analyst, even if they’re a bitchy 37 year ex-might-have-been-someone-oh-wait-he-was-just-a-street-idiot like about 50,000 other guys. but Dealbreaker doesnt seem to care about getting a dialogue among adults – i guess they’ve decided that a bunch of 23 year old bitches getting their ovaries off gets them more clicks. dealbreaker: the bitchiest place in the universe. yeah, even more than BAC’s trading floor right now
Hey, maybe I was little harsh. However I’m sure I am not the only one who gets tired of seeing so many supposed BSD’s act completely aloof. Someone surely gave them an opportunity when they first started their career. It is really unfortunate that so many young people’s careers are being cut short.
@32– “Dealbreaker doesnt care about getting interesting comments, otherwise it would require people to sign in with at least some sort of login name.”
– you are an absolute moron. first, the reason dealbreaker doesn’t require a login is because very few employees in finance would feel comfortable supplying an email, even if it was an anonymous one, in any climate, but especially one in which firms are looking for any excuse to fire people.
–”if everyone signs in with guest, its completely anonymous, and everyone can act like a bitchy little 23 year old analyst, even if they’re a bitchy 37 year ex-might-have-been-someone-oh-wait-he-was-just-a-street-idiot like about 50,000 other guys.”
– again, you = idiot. how does a login change someone from being a ” bitchy little 23 year old analyst”? oh, right, it doesn’t. a comment is a comment, whether it’s signed by ‘guest’ or commenter ‘MrBSD.’
– name one highly trafficked financial website that requires a login. dealbook? no. clusterstock? no.
–Finally, I noticed you singed as ‘guest.’ That’s neither here nor there, but bears pointing out.
Clusterstock requires an e-mail address but it doesn’t have to be a real one.
@35- yeah and? just like asking someone to supply an email associated to create a log-in– doesn’t prevent dbags from posting in any way whatsoever.