Cuts are said to be going down in equities at Bank of Amerillwide today.
Update: The population restructuring is apparently affecting former Merrill employees, World Financial Center.
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NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Dimon is Dr. Zizmor….Dr. Zizmor is, Dimon.
WIDECLOPS can smells the fear, Charlotte.
Any idea what industry groups in equities are getting hit?
any going home payout ?
trading or underwriting?
Their stock’s price path is getting interesting.
New York or Charlotte?
time to buy BAC
@6 – I supposed you think being interred alive under 6 feet of dirt is “interesting” too.
Electronic Trading and what ever is left from Equity Sales
Mkt ripping on rumours of Mark to Market being suspended. Just what we need in banks, less clarity.
They already let the entire BofA equity capital markets team go two weeks ago (except for the head — sole survivor). Must be some sales people, or the ML guys turn to get wacked.
time to buy BAC
Why is it so quiet in Charlotte today? I think I just saw a tumble weed.
If mark-to-maybe gets people employed again somehow I’m all for it.
These comments are not nearly intelligent enough for me. Please try harder.
thank god i have job & a good bonus
@17…you must be the jizz mopper at a peep show.
VPs? Associates? what level? just saw HR coming down to the conference room, but no one has been called yet.
18, most jizz moppers have been laid off at this point. the bottom of my shoes can attest to that.
Time for people to start disappearing from office chat.
@11 that’s good because they’re gonna need the rule change for this portfolio….
http://www.bloomberg.com/apps/news?pid=20601109&sid=a2dHh.RbAogk&refer=home
‘No Prospect for a Profit’ on Fed’s Bear Assets: Chart of Day
Hows this @16
http://ideas.repec.org/p/hst/hstdps/d05-95.html
Sincerely,
Nostradamus
I think BAC is the bad bank we have been hearing so much about. Why bother creating a new one when you can just use the one you already own?
You should send Lewis a pajama-gram
don’t fire the women !
What is office chat? I have an idea but maybe its some Tweeter ot Digg or RSS thing of which I am totally unfamiliar.
@23
Now that is more like it. Intelligent. Timely. Cogent.
nothing going on in NY or Chi…must be a bad day for Chlt guys.
I concure…dont fire the women…i hear women in bofa charlotte office are HOT.
nothing going on in NY or Chi…must be a bad day for Chlt guys.
I concure…dont fire the women…i hear women in bofa charlotte office are HOT.
I prefer the women at Jefferies.
mmmmmmm
women in banking are ugly as hell…
especiall those at MER… and especially former summer interns are MER… the ones who won’t have a job in a few weeks…
@12. you are mistaken my friend.
Isn’t being laid off at BAC is something employees pray for these days? Anyone who is still there was likely forced by Paulson to stay “for the sake of the nation.”
@29/30
cumfirmed.
@32/33
“women in banking are ugly”
NOT
@24- no, that’s Citi (not just Citi Holdings, mind you)
@33 – sorry meant all officers were wacked. the others will be gone later this month.
@27
It is a newfangled thing like AOL Instant Messager where you can talk to other people in the office. Word is is office chat updates immediately when someone gets axed.
What’s Tweeter?
Has anyone noticed that ever since Thain left BAC news has become increasingly boring…
sorry these layoffs aren’t entertaining you, whiny bitch @41
I can see why BAC trades like crap, but I don’t get why WFC follows it closely. Anyone?? There’s no news out there on WFC.
@43– the WFC in “The population restructuring is apparently affecting former Merrill employees, WFC.” refers to World Financial Center.
@1, you pay way too much attention to subway advertising.
@39 — not all officers. approx 2/3. any idea how the merrill numbers stack up?
@44 – you’re joking right? wfc is the next disaster waiting to happen. it’s a POS…have you looked at the market caps lately.
wfc – $66 bn
usb – $24 bn
bk – $23 bn
bac – $20 bn
wfc holds the same crappy “assets” bofa got from cuntrywide. not to mention, have you seen the value of MSR’s on their balance sheet (~$19 bn). seems to me, that asset is overvalued which means another hit to the equity account, which is already razor thin when compared to tangible assets…
@47- retard. WFC, as it is used in the article, means World Financial Center. Get your shine box.
@48 – post @47 was meant for @43. could care less about how it was used in the article…a$$clown
@43 – see post @47
Who is left at ML FIG?
Insurance guys/Egan?
most left for DB yesterday
@49, wow buddy settle down
@50 – heard it was the insurance guys (seems a little heavy on the top) and the bank guys (did they do any deals?). should be interesting, maybe they’ll try to hire back ursano, heard he knocked the cover off the ball last year (and he still got the can).
@51 – I’m not your buddy, pal…
@32 – you should come down to Atlanta and check out the interns in the summers – SMOKE – all a bunch of sorostitutes from SEC schools
@53 – jizz mopping a$$ clown
@53 – jizz mopping a$$ clown
@51, well in that case, I’m not your pal, buddy…
Any more former Merrill bankers cut today or all equities peeps?
@18 As a former jizz mopper at Peep-o-Rama on Times Square, I take offense to your remark.
47 cluz: why the hardon for WFC? Those assets were written down significantly before the 12/31 merger with WC. The stock is off one third in two weeks, with no change in the fundamentals. Not to be overly simplistic, but there are two sides to an investment thesis – earnings power and valuation. You’re looking at the first only.
52, yep Ursano was good…
He single handedly ceated BAC FIG, by taking a bat to the BAC Credit guys and shoving FIG down their throats…though he was also known for T&E’ing hookers for CEOs…cant knock that
I thought Heatons were the bank guys…
True shame..ML FIG used to dominate in 90s
@55 – double post much? you sir, are the a$$clown. back to the yahoo boards for you.
@59 – wfc has been on my deathwatch for since they were trading in the $30′s (and I have puts to prove it!). those jokers want you to believe they wrote down the assets…if you read the fine print, they’ve given estimates of what they think they’ll have to write down – if they took those marks all at once tcr would go negative. seriously, do you really think there is such a thing as $57 billion of “good” pick-a-pay mortgages? if so, I sell you some. not to mention, what gives with the pre-recorded conf call? sorry, but if you’re second biggest bank in the us, analysts/investors deserve a chance to grill management. what are they hiding? as for the good assets, remember neuberger berman? I’m quite certain us trust has a great wealth management group, but guess what? you have to own bofa’s crappy assets too. bring on the good bank, bad bank.
@61 – yeah I heard stories about the t&e budget too. but dlj dominated fig in the late 90′s (dick barrett was the man), not mer.
@32: Let me guess…you’re an overweight water buffalo who thinks that because he’s a banker, he’s hot. Does it bother that your wife married you for the money, making her no better than a whore? Poor thing.
You are all scum of the Earth nerds….
@64 – if what you say:
“You are all scum of the Earth nerds….”
is true; why are you spending your day trying to follow along? jealous much? just askin’…
For the love of God, no more “Go back to Yahoo Finance” insults or renditions thereof! No longer witty or original. Just plain idiocy.
Is KSharp still with 3D?
@66 – it doesn’t need to be original nor funny, just relevant…
As a former New Yorker now living in the heartland, my millions in tact and my job secure, I take a perverse pleasure in watching Wall Street crumble. My sense of mirth is only intensified by the fact that your personal calamity will cause great despair and privation throughout the tri-state area and that the only politicians you can cry to for help are Democrats!
Wall Street is now David Patterson and Chuck Schumer’s problem: That is rich!
Is that the sound of wailing I hear on the Upper West Side? Oh, good!
66 I’ll second the motion. In my (cheep) shop not everyone has a BB. I wouldn’t trade on the info I find on Yahoo, but its a great resource for historic data, graphs, financials, on and on.
@69 – I believe what you are feeling is: “schadenfreude”, did you leave your vocabulary at lga? while it’s good to know we can all leave the big apple and be big fish in small ponds, there is something to be said for living in a place that has more than white picket fences and is not devoid of people who are capable of having a good spirited intellectual discourse. but hey, not everyone can manage to remain successful in the big city for more than one good paycheck. as randy jackson would say: you did your thing, thanks for playing.
Anyone know if these layoffs are going to affect the Strategic Investments Group. Have an old college friend who works in that group. Don’t talk to him anymore but have been concerned.
@69, you clearly did not live in New York, as no New Yorker would refer to the barren stretch of pig farms and bigamy that is the interior US as the ‘heartland’. Nor would they confuse the UWS and UES.
tl;dr – stay the fuck in Iowa.
@71
Love the Idol reference, am a big fan.
I must say your taste in popular culture aside, you strike me as another one of those NYC elitists who view everything from the Hudson River to the Pacific as flyover country. Nothing could be further from the truth.
Not only do we have picket fences here, but we have culture and discourse as well. We are tolerant of others in terms of their opinions and not nearly as one-dimensional as New Yorkers (of which I am one born and bred).
When I left I took my money and my three degrees (Ivy League) with me and have continued to get bigger as a fish. I consider most of you back home a bunch of poseurs, feeding off your golden crumbs and smug in your mockery of all that is not you!
62, OK Barrett did rule…though post 2002-005 he was a bit lame..& his PE shop was a joke
ML was more mid 90s with MR. Potatoe Head
Which FIG r u
@74 – I’m a texan born and bread, came to nyc to show your cohorts how we do “our” thing (there’s more than just steers and queers). I’ve come to like this place and haven’t looked back since moving here with my (ivy league) degree (I’ve only got 2 degrees, but who’s counting?). so, no, it’s not fly-over country to me – how else could I get back for some home cookin’? so while some of your observations are true, let’s not paint the whole town with the same brush…I will spare you the snarky commentary on what just what type of “discourse” you might be having out there – you seem to have a few more brain cells in tack than some others who post on these boards.
@76:
Thanks for the polite, if trenchant reposte. I appreciate the give and take. Gotta run. Charity work awaits . . . .
I did both banks and insurance, need to make sure you get through the cycles…and yes, bes cap was a joke. But stoddard did well landing at blackstone.
@79 grape drink?
78, per finra
it looks like they got the ML insurance, spec fin guys too
Egan
Shavel
Wetzel?
Stoddard was a tool…a bit
Sarkozy did the best, not to mention his half-bro
Purple water taste good.
Cut the crap out, who needs the volatility of I-banking revenues?
Once a teller, always a teller!
Next!!
@72: vast majority of SIG has been spun off into smaller (profitable) groups or shitcanned.
Bess: I want my mug! You know who this is !
@80
wetzel was a few wks back…..how do you know him?
Well clearly nothing happened in junior levels of banking today. It’s either tomorrow or towards the end of february. Also I do feel sorry for Kenny, he wanted to walk away but the govt made him stick with the pos deal… http://online.wsj.com/article/SB123379687205650255.html hence the disaster of Bank of Amerrillwide..
@76 – “born and bread”, “brain cells in tack” – doesn’t say much for Ivy League degrees…
Associate and analyst whacks will be week of February 16. Fifty percent of combined BAS/ML population.
@87….where are you getting your info?
87 is full of shit. it’s at the end of the month!
Is it legal for a company to pay div to execs on shares held by the company but not include these under reported total comp? Just wondering…….
Is it legal for a company to pay div to execs on shares held by the company but not include these under reported total comp? Just wondering…….
Any legitimacy to the rumors that BAC will be letting go 50,000 people?
I understand the existing ML salaries are in process of being adjusted down to fit the BAC pay scale.