Gird your loins, Bank of Amerillwiders. From the mailbag:
Thirty percent of legacy US Trust, legacy BAC Private Bank, and legacy Merill Private Bank associates nationwide to be axed tonight through Friday.
Cuts began this afternoon as regional/city executives were shown the door. The entire Private Wealth Management line of business is affected, not just legacy Merill. All employees are requested to be at their desks at 8:00 tomorrow morning and “management will be present.”
CBS radio telling on air talking heads to box up and go- gotta be fluid right?
Hmmm, showing PWM brokers the door? Aside from being hacks with an MBA or a CPA these guys are true revenue generators, I’m surprised.
I would get rid of Primerica first.
J. Cramer
@3, I would tend think that you would not be able to get rid of things that you do not own.
I am Primerica.
wtf is wrong with this company? it seems as though they are laying off a different group every other week. don’t they realize they are killing morale? question to anyone at bofa: are you still doing any work or are you just backing up all of your files (to the flash disk you had your assistant order) while you wait for wideclops?
BOA employee here; I am stealing copper wire out of the wall everyday at lunch until someone says something. So far, people just giggle and go about there business.
Affected, not effected.
-Grammar police
I thought Primerica was part of CITICLOPS?
Any word on client advisors?
@3 and @5 -
http://www.primerica.com/public/
notice the bottom right corner: a “citi” company. back to the yahoo boards, thanks for playing…
Private Client Advisers, or because they have an acronym for everything, aka, PCA’s, were included in the communication this afternoon. In BACAMERRILUSTRUST private banking high net worth client team speak (3-5mm+)… 1)The Fiduciary side: Trust Officers and their assistants; 2)The Investment side: Portfolio Managers and their assistants and 3)The Sales side: PCA’s, Private Client Managers and their assistants are all on the chopping block announced today. This LOB serves high net worth clients with managed account services and fiduciary administration. Therefore I believe “brokers” from the shrinking herd and BAC’s BAI unit are not slated for reduction in this round.
No one gets any work done. All people are doing is speculating who is next. It is a shitty work environment and anyone with any sense should have figured out by now that they are sucking the life out of their most precious asset. But no, layoffs are continuing to be spread out over months and months. I don’t even want to come to work anymore, the stress of losing my job is ridiculous.
Correct #12.
The Private Bank (trust co) and the Brokerage arm (securities) are both WM, but separate entities. Confusing, but this means this does not apply to brokers (FAs at Merrill).
@6, you can no longer back any data up to flash drives without prior approval from a First Vice President. Same goes with ZIP, DVD, and any other removable media. There is some sort of McAfee software that will not allow you to write to any media without entering a release code (only granted afer FVP approval).
The first round of layoffs was about 4 weeks ago. We were told that there were going to be several rounds, and the second round happened about 2 weeks ago. I got the boot around then. The transition process is far from over, however, and there are definitely more people to come (hearing another round on Feb 26 — they like Thursdays).
Moral is destroyed — nearly everyone is at the point where they have seriously thought about what they’d do if they got laid off, and I think a lot are wondering if it would be so bad after all, given what’s happening at BAC and everywhere…
–
Unemployed? Network with others around the street
http://www.freeagentnet.com
Easy way to avoid layoffs. Stop shaving. Wear a bulky jersey under your shirt. Have some copper wire sticking out of your pocket. No one mess with you now.
@15. email everything
http://www.wcnc.com/news/topstories/stories/wcnc-021709-mw-bofa_jobs.26830354.html
I’m so glad I left this POS in 2000 and moved to the NW.
15 here. I forgot to mention the layoffs are specifically being done this way to get around the requirements of the Warren Act, which requires employers with more than 100 employees to provide at least sixty days’ advance written notice of any plant closing, or a layoff affecting more than 50 employees at a single site.
The Merrill Lynch Principles:
Client Focus
Respect for the Individual
Teamwork
Responsible Citizenship
Integrity
http://www.charlotteobserver.com/597/story/545602.html
BAC gets smacked by Fed’s Pottery Barn “no refunds/exchanges” policy.
@18, new software from Vontu makes that impossible. any email going out of the firm containing client data is automatically forwarded to your boss. Then you’re fired.
# 6 and # 13… all the PCA’s and TO’s I know took their client lists home with them when the 30-35k layoff press release was announced in december/jan…all of them in my office are well prepared and several have already lined up “deals” with their major clients in case of a move…BAC messed up big time by not escorting client facing associates out the door on day one….
@13- Disability. Post Traumatic Merger/Too Big To Fail/Recession Disorder.
Boot your computer from a linux live cd. Then copy the data to a flash drive. Will this work?
@25, depending on shop, most likely until tomorrow (after reading your post) at noon when a couple of code monkeys disable the CD/DVD drives from booting up in Bios on CD and only allow NIC based bootups based on server sent command. Does your system have biometric start up scans yet?
Also, most workstation circa the era I was still Corp Am… had dual boot systems… there was a lower level you could jump to at the first login level and low and behold corp login data worked there with out the high level security. It was designed for the repair monkeys to use to test the system before returning to the cube farms.
I quickly learned how to boot into that level of the computer to work from…
~SEG
Can’t you just upload all your files as google docs or is google disabled?
Forgive me but “rats leaving a sinking ship” was never so apropos.
#15 is correct, partially.
I am a Bofa guy and think a layoff is in my future (near near future).
When you plug in a flash drive (or any other kind of removeable media such as an external hard drive) the McCafee thing does pop up and ask for a code, but I just clicked “X” or “Cancel” (I forget) and was able to transfer any thing I wanted and it worked. It said you lose the encryption but unless I’m wrong, thats what you want. I was able to open all the files off my flash drive later.
Real question is (and what will keep me up a little later tonight than usual) whether all the movement of files off my work laptop is tracked and reported, and whether there will be a call from compliance coming my way tomorrow.
Anyone know whether they (tech, compliance) tracks files that make their way onto removeable media?
@29, 15 here, Thanks for the tip, I’ll try it first thing tomorrow…
I am a tech at ML
the software is called credant
They dont track files that are copied
and most ML pcs you can boot the dvd/cd without any issue.
yeah moral sucks and people are waiting to be let go
But every day you survive is another day to hopefully the economy getting better.
@29 – is the bald guy, mark (?) still running compliance for cib?
@30 – careful, I’d have to think the tech nerds will be on to this by the morning. it’s almost 10 – I’m sure you could get a car at this hour…
How do you not cultivate a tech nerd for this stuff if you can’t do it yourself? I mean really, basic survival skills people.
US Trust axings?
Oh yeah lets alienate people with $25+ but keep BAC vaunted “HR Partners”
Lewis is toast
The process is more intelligent than most think. A high percentage of second year analysts are being retained because they would have to be paid 4 months salary to be fired, yet Bank of Amerillwide can let their contracts expire 5 months from now and have free labor…
@35 – How do you figure four months salary to be fired? 29 here. I know Vp’s that got canned in senior banker rout jan 19th who got 3 months.
@32 – no idea.
I suppose my only worry is (and I wouldnt put this past bofa) that they “terminate” me for cause, namely knowingly and unauthorized transfer of files off bank systems and I miss out on severance, which is kinda decent money nowadays – pathetic I know.
I get some solace (very small) in knowing I didn’t get canned in the four previous rounds that began Oct/Nov 2007. I know people who got caught in that first round that are still looking for work. Jeez – every time I think of that prospect my stomach turns. @31 is right, every day is a victory. Shoot me.
I am/was in a department that was given notive of a layoff about a month ago(still have another month til layoff apparently b/c of the warren act.) a guy in my office emailed himself a his client pipeline to his gmail account and was walked out 15 min later. lost basically 4 months of severance
You guys are idiots!
1- you are all basically incriminating yourselves. You are all going to miss your severance package when your attorney fees are due.
2- When it comes to security BAC doesnt offshore/outsource chit, they basically have an in house NSA/FBI cyber-forensic and investigations team, complete with a bunker strong enough to withstand a nuclear bomb.
3- in addition, you might know the names of their vendors, but you dont know the name of their home grown tools or what they are capable of.
Who the Heck do you think you are messing with?
GetaNuggetMothaFucka
One of our (ML) call center managers got bounced and they gave her nothing. Over 20 years with the firm, and no package at all. Absolutely disgraceful. Same with one of our technology FVP’s. They talked both of them into resigning. Told them it was time to move on. 29/36 is right, I’m seeing them use these tactics from high level managers on down to kids in entry level jobs.
39/ how do you talk someone w/ 20 years experience into resigning?
MER has probably had the saddest twilight of any of the three. Bear – taken out by a competitor. Lehman – crash and burn and take the world with it.
Show some spine. At a minimum beat one of the security goons to a bloody pulp like that chimp in Connecticut.
37- Vontu strikes again!
40- Eliminate their position, bust them down three levels and stick them in a cube next to their employees’ employees. They don’t get a package because they’re being given a position and keep their same salary. If they have any pride, they tell you to fuck off. If they don’t, who will ever believe they once managed over 300 people when a referral call to the firm simply states they’re one step above entry level?
39/42 is this FAC? FL or NJ?
I called BAC tonight at about 2am to check my balance because they billed me for some shit they shouldn’t have. I had to spend 10 minutes just to figure out how to get an operator off the damn computer phone system. Then the fucking computer told me they were closed.
Sorry but uh you don’t have 24 hour service for something that basic? And it take 10+ minutes just to figure that out? Your company is fucked.
It’s all pretty irrelvant, after all it’s 2am and I’m hammered, but seriously. How can you not have 24 hour support? I gots the government on my 160k+ employed company and we got people on call for everything under the sun. BAC gets a couple hundred billion and they can’t even have basic operator support?
@7: “their”
get it right.
At ML they will fire you and and the time be recruiting indians to fill your position. ML managers have to be the scum of the earth.
get over it you fucking losers. the mgmt can mistreat you because you are expendable. bad morale? fuck you and go find another job.
you are a banker? big fucking boohoo.
be a real man. be a hedge fund stud like me.
@43, NJ, but not FAC
Guide to stealing data…
1) Copy what you want onto your local disk.
2) Burn a boot disk like Back Track to a CD
3) Unplug from network, Restart PC with bootdisk in drive.
4) You’re now running Linux. Copy anything you need from local to USB stick.
5) Reboot without CD back to Windows.
The alternative is put you files in a zip file. Call it something weird. Then put this zip inside another password protected zip (thus hiding the file names). Then email it to yourself. This is messy and unsecure.
Guide to getting your arse handed to you…
Do all of the above.
Get caught doing it because it does not bypass all containment and monitoring controls.
Get smoked retro-actively when your box is ghosted, upon your departure.
Try explaining that to your next employer. Your career will be ruined. The fed doesnt taken matters of stolen identities lightly or storing them in a non-secure/encrypted manner.
#50 what you are some ml mangler? Anyone who thinks they are getting it should do as much damage as possible. After all John Thain and Stan O’Neal did the same
@40 the way they get you out before or with out severance is that they tell you your performance has been sub par, and they notify you that you are being put on probationy or negative review.
If you have ever looked to move shops one of the standard HR questions is…have you ever been terminated or put on negative review or probation…something to this extent. I noticed this about a year ago at US Bank.
If you carry the CFA designation or have any ethics at all you’d have to answer yes….which the hiring firm will want to know more about thus lowering your chances of being hired. Best way to avoid having to lie is resign before BofA (or whomever) puts their threat in the personnel file.
@ 52- you are a horses arse. the firm can’t put you ‘on review’ because they want to terminate you.
pls blump yourself
tnx
-TGWWHCBH
(theguywhowisheshecouldblumphimself)
48. The old pps? Last name starts with r? But on a useful note. All cuts are on non pay weeks it seems? Anyone know why?
@53 you are extremely green. That is exactly how it goes down. I know because that’s what happened to me.
HR…your manager says you are not performing at expected levels…
Employee…how is that possible, I’m doing everything correctly, here is documented proof.
HR…I’ll discuss with your manager again.
Manager in a closed room…we are going to have to put you on review.
Employee…in disbelief. How is that possible….I’ve done due dili on xxx transactions this year and here are the successful results…please explain.
Manager…with red frustrated face…we are putting you on review….
Employee….why can’t I just be laid off?
Manager…I’m not able to do that…You can find another position or go on “review”.
@53 once you have been in banking for more than 2 years and have actually worked at a few banks then your comments might add value, until then leave out the worthless “rebuttal comments”.
@55, 53 here. Congrats on working at several banks, I’m sure you are an excellent teller!! Seriously: maybe if you weren’t a horses arse (as I previosly guessed) and your output didn’t suck wideclops, managers would stop putting you on review?
tnx again,
-TGWWHCBH
Again with the blumpkins?
@53, @52/55:
Stop the bickering. I’ll pimp slap both your asses.
-Matsuflex
Matsuflex- you have no shot against loudmouth tool and tiny tool. give up now.
-TGWWHCBH
@53, @56 …wow.
It’s too bad we have to sort through all the trash to get good insight on DB.
With very few exceptions, anyone who sits still in banking is going to get taken advantage from in a career progression and/or comp perspective.
thats what she said
-TGWWHCBH
Just steal your whole computer/box. Replace it with plastic grey box with wires coming out of it… Grow some sack. And tear the urinal off the wall on your way out. Poop on the floor and track it all over the office. You will find your peace of mind on the other side.
Just steal your whole computer/box. Replace it with plastic grey box with wires coming out of it… Grow some sack. And tear the urinal off the wall on your way out. Poop on the floor and track it all over the office. You will find your peace of mind on the other side.
@54, yes, that’s right. Layoffs are always on non-pay weeks for bi-weekly employees because on pay week you are getting your salary for that week plus the following non-pay week. The non-pay week has already been paid for so they want to make you work it. Monthly employees will get whacked at any time…
have the columbia mgt people survived in all this mess? hard to beleive
@47 – Take your meds, don’t touch any sharp objects and quit playing with yourself in public ya butthead.
BofA people – the bank has a system which detects when recently/soon to be unemployed people email stuff to their personal email accounts. Previous waves can confirm this. Find some other way – consider emaiing stuff to trusted clients (depending on the content).
BAC and C trading as though the N-word is on the table. Swaps haven’t blown out yet, though.
@22 – most bosses don’t give a shit at this point.
WTH, BofA blocked this blog link…
@68, it goes to a boss far enough above you in the chain that he thinks he is insulated and you are walked out in 15 minutes. I’m talking FVP, Managing Director level. It may even go to both. Just like the Soviets at Stalingrad telling each man that if the guy in front of him didn’t fight, shoot him in the back. Just not worth the chance. I do things the old fashioned way- take 200 pages of printouts a day out in my briefcase. Sometimes two loads a day if I go out to lunch. You can still put it all on paper…
the slaves(associates) that are taking all kinds of shit down from kenny the tyrant deserve to be treated like this. if these slaves had any dignity they’d walk out and find a real job instead of surfing dealbreaker all day at work and bitching about how bad the management is.
71 your’re 47 aren’t you? Go brush your tooth dickbreath.
Legacy ML VP here. FAs (brokers in main-street speak) are NOT part of this traunch; baby FAs were let go in January, and FA attrition rates went sky high at end of January / early February. So, there’s not a need to cull “the Herd” FA attrition has leveled off for now (the competition is having problems of their own; Morgan Stanley having to lend to their own to cover margin calls, UBS shamed by the IRS, plus these FAs’ books aren’t following). One FA I know who went to UBS in January had only 20% of his book follow. He called our Managing Director to come back and was told no. Support staff though may on the block; CAs and the like. It also appears that support LOBs are in the mix this time around. ML Trust admin had 30% cut in January, as did FAC. Wealth Strategy Group (ML Trust sales and Insurance sales) will likely take a hit this week since they did not take one in January.
To say morale is low at ML is stating the obvious, but really it is abysmal. Long-term ex-smokers are bumming cigs from CAs, and the bars around our branch are doing a land-sale business.
Rumor ( http://iiwealthmanagement.com/Home/ArticleLogin/2096798/BofA_UST_Reorganizes_Reduces_Hubs.aspx ) has it that up to 1/3 to 1/2 of the US Trust offices (including those with trust types and those with only PCAs) are slated to be shut down. Is this accurate?
72 you go lick ken’s rear till he flushes you in the OBP energy efficient toilet.
My friend covers bond traders at BOA and said he said one trader is dating Jenifer Aniston. Can anybody from bank tell this is true. She is very big star person in my country. Sorry for everybody losing jobs.
Private Bank in Los Angeles, Newport Beach, Century City and San Diego took hits today. Morale is at an all time low…
“My friend covers bond traders at BOA and said he said one trader is dating Jenifer Aniston. Can anybody from bank tell this is true. She is very big star person in my country. Sorry for everybody losing jobs.”
WTF?
73 here – Well, I was wrong, we had two FAs and two CAs shown the door Friday here at my ML branch in CO. The FAs’ books were carved up and handed out to higher-producing FAs like it was Thanksgiving within an hour of these poor women leaving in tears; BRUTAL! We helped one FA to her car with all her boxes (about ten of them) because she clearly did not see this coming and was totally unprepared for it.
78- what were the FA’s T12 and LOS?
79 – LOS 10+ years. As for trailing 12 months I am not sure at this moment, but admittedly the two in our branch were not super stars, but rather middle of the roaders. They had decent books, but not great ones.
Merrill in London is laying off today and tomorrow associates and analysts across all classes.
That’s in ML Investment Banking. It’s the first round layoffs for I-Banking associates and analysts. Approx 60 people
It’s coming fast and furious here at Jersey City in IT. 1 out of 3 seem to be getting the boot.
I heard RBC has offered their analysts a buyout option. Anyone have anymore details on this?
What severance packages are employees getting at ML? I heard 3 weeks per year but a minimum of 13 weeks for NY employees. So a guy/gal with 1 year get the same as someone with 4 years???
What severance packages are employees getting at ML? I heard 3 weeks per year but a minimum of 13 weeks for NY employees. So a guy/gal with 1 year get the same as someone with 4 years???
Does anyone have new information as of today. Are layoffs coming at the end of the month or in early March?
there may be some more heads flying in research towards the end of this week and IBD next week.
How about retail, FA’s with little or no production? Does anyone know if they will be making cuts in that division?
89. yes.
good to hear that there is a blog on the mess going on at the merger of ML+BofA.. true it is really a nightmare. The worst of human people experience is coming out of it. To an extreme case, it feels like an extermination camp from WWII. Who is going to be called for a shower at 6th floor ?
I was let go recently….
strangely it is more scary than what it really is. Probably, like dying, it is very scary but after you discover paradise …
I feel freedom now. A wondefull feeling !!!
I will finally have some time to look/learn at what I want to look/learn.
Nobody to yell at me 15h a day building up my todo list faster than I can process it …
Think that I will really enjoy myself now. There are just so many things I wanted to do but couldn’t because I was busy 13-15h hours a day is this bloody useless trading job making money for a bunch of stieves above me…
The most stressed are actually my parents… What are you going to do son ? “Nothing” and this is what feels the best …. I have been stressed to do my best since whenever I was a kid (best in school, best job, etc …) and look where I am now … feeling all empty and burned out, because I gave everything to this wonderfull company…
good luck to all of you if you are still inside …
Watch your fuckin’ back Stan. You mother fucker!!!
Wish they would just get on with it. Nervous going to work everyday, can’t stand wondering. Almost envious of guest 91 who can move on and put this business behind him. When are the next cuts, where and when? Would love to have an idea.
Today was the last day for some in UST’s Northwestern territory – 3 Seattle TOs and 1 TA, 1 TO in Vacouver, 1 To and 1 TA in Portland, plus a PCA in Idaho I heard.
I hear Credit Suisse is laying off tomorrow.
I hear Credit Suisse is laying off tomorrow.
kmPqAn Im grateful for the blog article.Really thank you! Fantastic.