• 23 Feb 2009 at 1:16 PM

Layoffs Watch ’09: BAC West

By Equity Private

The BAS Commercial paper group in San Francisco was apparently, in large part, axed this morning. According to one of the victim’s of the population restructuring, “no bonuses, despite being profitable.”

Comments (27)

  1. 1
    Posted by guest | February 23, 2009 at 1:25 PM

    We don’t like to use the word “axed”. We prefer “harvested”.
    ~The HR Guy Whom American Express has offered a $300.00 “bonus” to close his account.

  2. 2
    Posted by guest | February 23, 2009 at 1:31 PM

    GS layoff this week as well.

  3. 3
    Posted by guest | February 23, 2009 at 1:33 PM

    @2 i heard that too:
    http://dealbreaker.com/2009/02/layoffs-watch-09-goldman-sachs-1.php

  4. 4
    Posted by guest | February 23, 2009 at 1:34 PM

    so does anyone at all still work at BAC besides Lewis?

  5. 5
    Posted by guest | February 23, 2009 at 1:38 PM

    FI sales at JPM in SF was “right-sized” today as well.

  6. 6
    Posted by Investorcluzo | February 23, 2009 at 1:38 PM

    @3 – well played.
    @2 – back to yahoo.

  7. 7
    Posted by guest | February 23, 2009 at 1:42 PM

    Good, they don’t deserve bonuses anyway! Greedy pigS!

  8. 8
    Posted by guest | February 23, 2009 at 1:45 PM

    @6 – well played
    @7 – back to yahoo.

  9. 9
    Posted by guest | February 23, 2009 at 1:55 PM

    I assume they still have a CP group in NY. Why did they need both to begin with? Re profitability: this is a really low margin business, so possibly profitable in SF, but would be even more so when consolidated with NY.

  10. 10
    Posted by guest | February 23, 2009 at 1:57 PM

    Quit sending those folk back to us!!!
    ~Yahoo Gatekeeper

  11. 11
    Posted by Anal_yst | February 23, 2009 at 1:58 PM

    @ 10
    Fine, let’s find a mutually beneficial solution: msnmoney work for you?

  12. 12
    Posted by guest | February 23, 2009 at 2:00 PM

    @11 that, or 1-2knockout.typepad.com/12_knockout/anal_yst/

  13. 13
    Posted by guest | February 23, 2009 at 2:01 PM

    I heard they are laying off Obama

  14. 14
    Posted by guest | February 23, 2009 at 2:04 PM

    How does a commercial paper dealer lose money? Assuming they don’t commit any capital, just facilitate transactions…

  15. 15
    Posted by guest | February 23, 2009 at 2:04 PM

    well played @12

  16. 16
    Posted by Investorcluzo | February 23, 2009 at 2:10 PM

    @10 – ha! how about taking a page from the hedge funds’ books, throw your gates up so they don’t get out in the first place!

  17. 17
    Posted by guest | February 23, 2009 at 2:29 PM

    I’m a douchebag.

  18. 18
    Posted by guest | February 23, 2009 at 2:31 PM

    layoffs? you want to talk about layoffs? layoffs?

  19. 19
    Posted by guest | February 23, 2009 at 2:33 PM

    @17 we’re not too thrilled about you either

  20. 20
    Posted by guest | February 23, 2009 at 2:38 PM

    @17
    Please leave. Oh and STFU.

  21. 21
    Posted by guest | February 23, 2009 at 2:58 PM

    14 If they act as a dealer you’re correct, they wont lose money, just earn a negotiated spread for placing the paper. A lot of big issuers however maintain multiple dealers and put maturing paper out to bid. The dealer with the winning bid then resells it, hopefully earning a premium. In a volatile market they can in fact lose money.

  22. 22
    Posted by guest | February 23, 2009 at 3:53 PM

    Maybe its not so bad to be a government employee…all the ones I know work 40 hours a week and have crazy flexibility in their vacations. One friend works 9 hours per day and has every other Friday off.
    Since its going to be government pay anyways, why not give all the government perks? I’m sure the masters-of-the-universe on top would have no problem with that sort of thing…
    –
    Layoff got you down? Get the scoop and figure out what others are doing at http://www.freeagentnet.com

  23. 23
    Posted by Anal_yst | February 23, 2009 at 4:24 PM

    @12
    ooo, how highbrow, nice!

  24. 24
    Posted by guest | February 23, 2009 at 8:30 PM

    My grandmother could sell CP for a living. Smart move by BAS: simply automate the business.

  25. 25
    Posted by guest | February 24, 2009 at 8:47 PM

    The wopping team of three? Not too hard to figure out who the “victim” that contacted DB must have been.

  26. 26
    Posted by guest | February 24, 2009 at 8:53 PM

    @25- ok why don’t you tell us who it is then, tough guy?

  27. 27
    Posted by guest | February 26, 2009 at 11:07 AM

    I can categorically say no one from the STFI team in SF released this news. I would surmise a little bird from MER broke the story…

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