More cuts a-comin' at BlackRock. Round 2 of project population restructuring will apparently be "aimed at more senior employees" and is expected to result in around 250 to 300 employees (approximately 5 percent) being shown the door (the first round of bloodletting affected about 8 percent of the team, bringing the headcount down to 5,500 from 6,200). Target date: "sometime in March," possibly as early as Monday.
Earlier: Layoffs Watch '08: BlackRock
Posted by guest , Feb 27, 2009 11:28AM
Layoffs Watch '09: USA
Posted by guest , Feb 27, 2009 11:48AM
How abou a "Layoffs Watch" for Blackstone? The Masters at BX figured out how to turn an expected $100mil loss into an actual $400mil loss.
That has to be worth a few layoffs. Don't you think so?
The Guy from Delaware
Posted by guest , Feb 27, 2009 11:48AM
Kicking ass over at the BLK
Posted by guest , Feb 28, 2009 12:39AM
Which divisions are the most affected? Which place?
Posted by guest , Feb 28, 2009 1:49AM
My guess would be a concentration on middle -> back office (ops, admin, etc)
Posted by guest , Mar 01, 2009 11:53PM
APSG may be
Posted by guest , Mar 02, 2009 11:16AM
apparently it's going to be mostly operations, solutions center, and some product developments. and yeah, layoffs are going to happen this week.
Posted by guest , Mar 02, 2009 10:41PM
nothing today, but the heavy snow may have sapped the opportunity to carry out the planned layoffs.
Posted by guest , Mar 03, 2009 12:02AM
Just a stupid rumour.There are no layoffs planned at BLK.
Posted by guest , Mar 03, 2009 8:14AM
@9- wrong.
Posted by guest , Mar 03, 2009 8:33AM
@3
You mean 'licking', not 'kicking', right?
Posted by guest , Mar 03, 2009 12:54PM
They'll be fine, they'll just bleed a few more hours out of each of their already wretched employees.
Posted by guest , Mar 03, 2009 1:28PM
What day is this going to happen?
Posted by guest , Mar 03, 2009 8:37PM
I sat in a meeting this morning with Fortin and Charlie Hallac - Solutions center, PAG, and a little IPG are gonna be cut sometime at the end of this week, maybe early next week.
Posted by guest , Mar 04, 2009 12:24PM
Any dates on when??
Posted by guest , Mar 05, 2009 9:31AM
hope it's not 3/6 Friday
Posted by guest , Mar 05, 2009 10:46AM
3/16
Posted by guest , Mar 05, 2009 11:30AM
PAG status reports were requested on Mar 3. Going by the Nov 08 pattern, this could mean that the layoffs could happen as early as Mar 9 or 10.
Posted by guest , Mar 05, 2009 12:14PM
Damn! they should end the panic and just get it over with already!
Posted by guest , Mar 05, 2009 3:17PM
The HR war-room is being setup to handle the volume of paperwork, the same song and dance as November's layoffs. The last round of cuts happened on a Monday, we'll see if they stick to the same script, either Mar 9 or Mar 16.
Posted by guest , Mar 05, 2009 3:29PM
@20 - Where is the HR war-room? 40 East?
Posted by guest , Mar 05, 2009 4:31PM
Based on the evidence I'm seeing it looks like March 16th is the date.
Posted by guest , Mar 05, 2009 11:55PM
What are you referring to when you say Solutions Center?
Posted by guest , Mar 07, 2009 8:40AM
3/16 confirmed
Posted by guest , Mar 07, 2009 11:23PM
Happy St. Patricks Day!
Posted by guest , Mar 07, 2009 11:26PM
Out of curiosity... What motivation does someone in upper management have to post this info? Doesn't seem like any MD actually cares about the employees in those groups affected by these upcoming layoffs.
Posted by guest , Mar 08, 2009 10:27AM
any cuts planned outside of BRS - AMG, PMG, etc.? The amount of dead weight that was created in wake of MLIM merger is staggering - it's high time that the house is cleaned once and for all. Cuts should have been deeper the first time around, sadly. Now those getting hit will have less generous severance packages, and virtually no shot at being picked up by other parts of the firm.
Posted by guest , Mar 08, 2009 11:49AM
@27 The news got out when the MDs started to loop in the lower level managers.
Has anyone heard anything about the size of the severance this time around?
Posted by guest , Mar 08, 2009 12:03PM
@27 no need for comments like "like dead weight from MLIM merger" BlackRock would not be where it is today and nobody heard about it before the MLIM merger.
Posted by guest , Mar 08, 2009 1:59PM
Can anyone confirm what levels in any specific groups will be impacted? (MD/Director/VP/Associate/Analyst)
Posted by guest , Mar 09, 2009 10:20AM
Does anyone know the size of the packages?
Posted by guest , Mar 09, 2009 4:36PM
@31 Its across the board, with more of the higher levels than the last time around. The idea is to get the same amount of cost savings this time as last time.
Posted by guest , Mar 09, 2009 5:48PM
Is 250-300 employees as stated in the original post correct? That seems low given recent equity market performance.
Posted by guest , Mar 09, 2009 10:48PM
Anybody know what the severance was last time? Any ideas what the severance will be this time? Is there a minimum?
Posted by guest , Mar 09, 2009 11:02PM
minimum severance last time was 13 weeks pay for employees who had been at BlackRock 1-5 years.
Posted by guest , Mar 10, 2009 11:59PM
first things first.
what about the America To Go policy?
Posted by guest , Mar 11, 2009 12:00AM
I hear Maroon 5 is looking for a new bassist.
Posted by guest , Mar 11, 2009 2:20PM
the problem with Maroon 5 is that you still have the same boss
Posted by guest , Mar 11, 2009 8:07PM
when is the hammer comming down on the facility (corp svs) group? I heard there was some dead weight there. I hear IFMA may be hiring. International Facility Managers Association
Posted by guest , Mar 12, 2009 10:50AM
I am happy about this and hope my name is called. I can take time to finally start my business and never look back. Never again wake at night in fear of a layoff. Never will I have a pacifier paycheck again. The economy will recover, and I will never be "fat that someone cuts" again!..
Posted by guest , Mar 12, 2009 10:35PM
@41 - Me too, me too.
Posted by guest , Mar 13, 2009 12:16AM
Every conference room has been reserved for monday by HR
Posted by guest , Mar 13, 2009 1:21AM
I dream of a time when we can we just stop all the kittenfooting around...
A magical time when dead weight will be identified & purged quicker that a Chuck Norris roundhouse kick to the face...
Posted by guest , Mar 13, 2009 1:51AM
I was glad I was let go in the first round. Severance + better job + no longer worrying about getting laid off is much preferred to still being there.
Posted by guest , Mar 13, 2009 6:24AM
@45 I hate you, so all of that means absolutely nothing to me
Posted by guest , Mar 13, 2009 9:39AM
@ 45 - Thank you, just when I think I can't hate anymore...
I'm sure if you were an interchangeable cog or one of the useless lumps weighing down BLK like an anchor.
1st round was the fat... you may have gotten more $, I’m happy for you, you'll need it. As you will undoubtedly continue to prove yourself as useless fat.
I look forward to you improving your new companies inefficiency…
Posted by guest , Mar 13, 2009 2:58PM
Does anyone know if all your unvested restricted stock automatically vests if you are laid off? or do you lose it?
Posted by guest , Mar 13, 2009 4:03PM
We have a major breakthrough here!...The real essence of BLK speaks...coming to you live from #46 and #47 - Sounds like real winner! Sounds like a nomination for "Person of the Year."...I just want to be your best friend! Will'ya please be mine? Pal!?!?!
So let's really break it down. The first round was for those who have not been kissing enough ass. The second is for when the dust has settles and their asses don't want your kisses anymore! Just look around and see how many brown noses you can spot.
By the way..."Cog in a wheel???...Lumps weighing down???"..I guess you are on an narcissistic high drinking the oh so colorful and tasty BLK Kool-Aid.
Who are you comparing yourself to someone else? Sounds more like a chump to me! Go on, keep "improving BLK's inefficiencies..." Find some busy work to do, standardize something, audit away, because that sure solved all the economy's problems and kept you employed. Make sure you are in line to be the all mighty PAWN. I am sure they will be keeping you around because you are so brilliant and you have so many great ideas that it would be a real loss without you!
I can only think of one admirable trait about you, the person who says they HATE another, and that is your allegiance. It has to be enough to keep you on the payroll.
At this point, all I have to say is, I have sweet dreams at night. How about you? Pal? Hope you have a wonderful weekend like me!
Oh..wait...I bet you don't even get this....That's really sad, and too bad all at one time.
Posted by guest , Mar 13, 2009 9:01PM
You are funny and witty #49, well said. There are lot of idiots everywhere, maybe if they humbled themselves they would be happier...
Posted by guest , Mar 13, 2009 9:42PM
#49, amen!
I grow tired of the mentality that all who are laid of deserve it because of a lack of work ethic. Many are laid off because their departments are not a core part of the business, their role was made redundant because of mergers, or the manager making the decision to let people go chose the departed based on other criteria.
I wish all of you with BLK the best of luck. If you do get let go, please think of it as an oppurtunity.
Posted by guest , Mar 13, 2009 10:43PM
It all started on Friday, Princeton in particular, got hit pretty bad. London/NYC also saw massive number let go, the rumor is that the cut will be 10 percent (about 500 - 600) when said/done,
Posted by guest , Mar 13, 2009 11:23PM
Any idea how long it will go on for and what groups are affected? Where are the notifications being done in New York? Any idea if severance is the same as last time? Thanks.
Posted by guest , Mar 14, 2009 9:39AM
I heard BAA cuts aren't until April
Posted by guest , Mar 14, 2009 9:55AM
What is BAA?
Posted by guest , Mar 14, 2009 10:41AM
what about PAG? There's a rumor that most will be cut once responsibilities are transferred offshore
Posted by guest , Mar 14, 2009 11:12AM
if you don't know what BAA is, you probably deserve to get laid off anyway....
Posted by guest , Mar 14, 2009 11:36AM
Some friends working in Asia offices of BlackRock mentioned that the lay off will be announced on Monday 03/16. Not sure how many people will be affected but it is said about 5-10% will be let go.
Posted by guest , Mar 14, 2009 2:31PM
BAA was hit pretty hard in November, something like 20% were let go.
Posted by guest , Mar 14, 2009 3:43PM
the so called architects of aladdin shud be the first to be laid off..its the slowest system in the financial industry!!
Posted by guest , Mar 14, 2009 7:49PM
#60, if you don't know how to use it or what it's doing, anything is going to look slow!
Posted by guest , Mar 14, 2009 9:00PM
@53 - HR has conference rooms booked all day on Monday 3/16 on almost every floor in both NYC buildings.
Posted by guest , Mar 14, 2009 11:33PM
@61 - go out in the world and use their system and then u wud know wat slow and wat fast is..efficiency has nothing to do with what its doing..it how its doing it!!
Posted by nojobinjersey , Mar 15, 2009 4:12PM
hope they finally get rid of the dead wait in equities in princeton - maybe someone should take a good look at all the people there that sit around all day and either shop or surf the internet - they come and go as they please and no one says a thing to them -we all know if you are not one of the chosen groups your job in on the line - can't close your doors on monday - i hope they are coming for you all
Posted by guest , Mar 15, 2009 5:27PM
@64....don't you mean "dead weight"...If you are going to attack people on-line...at least use proper english
Posted by guest , Mar 15, 2009 6:24PM
why all day all conference rooms, how long does it take to fire someone?
Posted by guest , Mar 15, 2009 7:27PM
@66 - probably because they're firing a lot of people. duh.
Posted by guest , Mar 15, 2009 8:18PM
what layoffs started on friday in princeton? Missed that, heard rumblings but nothing concrete. Looking forward to work tomorrow. I hope there is a little more compassion and thoughtfulness this time with how they treat people, but I wont hold my breath.
Posted by guest , Mar 15, 2009 11:05PM
All I know is I love Chuck Norris...
is that so wrong???
Posted by guest , Mar 15, 2009 11:48PM
Has it started in Tokyo yet?
London, please keep us posted as well...
Posted by guest , Mar 16, 2009 9:03AM
Well underway in London now - a few more than expected from what I can gather. It also appears to be from all areas and tiers of the business
Posted by guest , Mar 16, 2009 9:27AM
are BAA cuts today or in April as someone else commented?
Posted by nojobinjersey , Mar 16, 2009 10:08AM
@65 - oh sorry for the typo - you must be one of those with the little brown spot on your nose - believe me i know proper english but that doesn't keep your job -
Posted by guest , Mar 16, 2009 10:14AM
what's the word in LOndon? Which groups?
Posted by guest , Mar 16, 2009 10:26AM
@65 it is good to know someone at pcc is checking this site for updates - just goes to show they are surfing the net
Posted by guest , Mar 16, 2009 10:45AM
What's with all the conference rooms being booked all day? Is it really happening today? NY ..any word?
Posted by guest , Mar 16, 2009 10:47AM
@75 - next time you surf the net from work to this page you will read me calling you a fucking idiot
Posted by guest , Mar 16, 2009 10:47AM
@75 - next time you surf the net from work to this page you will read me calling you a fucking idiot
Posted by guest , Mar 16, 2009 10:48AM
@75 - next time you surf the net from work to this page you will read me calling you a fucking idiot
Posted by guest , Mar 16, 2009 11:22AM
Nothing going on at BAA thus far today. Word is it will come after redemption notices for Q2 are submitted to gauge the damage...
Posted by guest , Mar 16, 2009 2:19PM
Anybody know the extent of the layoffs?
Posted by guest , Mar 16, 2009 4:31PM
Anybody know about west coast offices?
Posted by guest , Mar 16, 2009 4:35PM
anybody know what is going on in princeton?
Posted by guest , Mar 16, 2009 7:23PM
anybody know whether they will do all layoffs this week?
Posted by guest , Mar 16, 2009 7:27PM
Hammer dropped in PCC, it was a nice visit.
Posted by guest , Mar 16, 2009 11:52PM
Now that I have been let go my stress level is way lower.... Most of those employees are fake people who are quite weird... They act busy and truthfully play the game quite well. With my package I will live a relaxed life and think about how those still there will work in anxiety and insecurity. BlackRock is nothing more than a paycheck for most, say what you want as my opinion is the majorities opinion. The BAA, Alternative Products i.e. Hedge Funds, FOF's, Private Equity, its a poorly performing world and good luck to those of you still left. For example the Fund of Funds team in Princeton is almost certainly doomed. 3 people remain and most of their work has been out sourced to Quellos (Seattle), "hint of whats to come", a reliable source gave me this information which is why I use them as an example. BR was a good paycheck, I get kicks of the arguing above lol good luck!
Posted by guest , Mar 17, 2009 12:10AM
@86 sorry to hear and best of luck you must have been hanging out in 1E.
Posted by guest , Mar 17, 2009 1:38AM
@87 upstairs, everyone keep their head up! Your all in my prayers!
Posted by guest , Mar 17, 2009 10:19AM
I agree with #86's assessment of the employees being weird and fake. Face time and acting busy are valued much more than getting the job done efficiently. I'm glad the executives figured that out and started chopping heads. The remaining staff will be ultra-paranoid and will anxiously watch every down day in the market.
Opportunities are vanishing and salary increases/comps will be horrible this year. Those who were laid off are getting a good deal.
Posted by guest , Mar 17, 2009 10:29AM
@89 it was certain senior management that promoted and compensated that type of behavior but as positions have changed that type of behavior is no longer acceptable.
Posted by guest , Mar 17, 2009 12:49PM
@89 & 90 - I agree with you partially - senior management does practice prudence however, middle management (Directors) are as culpable in the practice of the "weird and fake" behaviour - unfortunately, they do have a say in the promotion process - many are still there. Hang in there everyone - for those no longer with BlackRock - best wishes. There is life outside of BlackRock.
Posted by guest , Mar 17, 2009 2:25PM
The posts on this site over the past two weeks have been a sick type of terrorism with the only value to instill fear across the employee base. Very disheartening. I can only say that I for one am proud of BlackRock. It is a class organization that, though not imune to the economic slowdown, has weathered the storm better than most. Layoffs are unfortunate and for those impacted directly, very sad. If today you are still at BlackRock, remain positive and try to continue to live the "One BlackRock" mantra. If today you are a former BLK employee, my best wishes that you land another position quickly...and perhaps between now and then...our paths will cross at the unemployment line.
Posted by guest , Mar 17, 2009 3:14PM
@77,78,79 monkey see monkey do all three are fucking idiots -
Posted by guest , Mar 17, 2009 3:16PM
@77,78,79 monkey see monkey do all three are fucking idiots -
Posted by guest , Mar 17, 2009 3:25PM
@86 i hope for you that you have a spouse or significant other that has benefits - you must have logged plenty of years at ml/blk or were an officer of the firm if your severance will let you lead a comfortable life - the truth i have been out of work for months there are no top level jobs around - you can find a job at 10-12 an hour and that's not paying the bills, so hats off to you if you think the stress level will now be reduced - because each day not knowing if unemployment will be there and no job leads had added more stress to my life
Posted by guest , Mar 17, 2009 3:57PM
@93 - Did you paint your package green for St. Patty's? It probably takes forever to come up too right? You moron
Posted by guest , Mar 17, 2009 11:09PM
What happens with the retirement plan?
Posted by guest , Mar 17, 2009 11:58PM
#95 -
There are jobs out there, but you may have to relocate and change career paths. If you own a house or can't relocate for some reason, you are probably going to be fucked. I saw this shit storm coming 19 months ago and began hoarding cash in anticipation of the outsourcing and mass layoffs from the deteriorating market conditions.
Most people who were laid off are stress free now because it had become so painful to come into the office. Fear and paranoia are now rampant in certain areas of the company. The markets still haven't found lows yet, so the survivors are going to have to worry about layoffs for the next few years. I bet another 25% are let go by summer 2010.
Posted by guest , Mar 18, 2009 1:29AM
-86, @95 I am truly sorry to hear your situation. Being laid off is a blessing in disguise and you will see that in time. Things don't always occur when we would like. I understand that you are having a very difficult time supporting your family etc... but, things will improve so keep your chin up.
@92 the conversations on this site are addressing reality and stating the current crisis. No one makes you read the site and comment. Ask yourself are we being negative or is the situation many are in at BR and in other companies quite horrible. Everyone is in my prayers.
Posted by guest , Mar 18, 2009 11:54AM
@96 wipe the brown off your nose - be prepared when they come for you - you're the real moron if you think what is happening is a joke - people are losing their jobs and can't find new employment
Posted by guest , Mar 18, 2009 11:58AM
@86 thanks for your thoughts, unfortunately i cannot see being laid off a blessing in disguise - both myself and my spouse are out of work - we have children in college - without a job can't apply for any type of school loans, and they base financial aid on the previous years earnings - we are simple people but living in nj is expensive - can't sell the house the market is tough and i really hate having to go to my family for financial help - insurance payments are killing me each month - have an ill child so i must pay cobra $1800 a month - this is no blessing and two or three $10 an hour jobs will not help
Posted by guest , Mar 18, 2009 12:05PM
@86 thanks for your thoughts, unfortunately i cannot see being laid off a blessing in disguise - both myself and my spouse are out of work - we have children in college - without a job can't apply for any type of school loans, and they base financial aid on the previous years earnings - we are simple people but living in nj is expensive - can't sell the house the market is tough and i really hate having to go to my family for financial help - insurance payments are killing me each month - have an ill child so i must pay cobra $1800 a month - this is no blessing and two or three $10 an hour jobs will not help
Posted by guest , Mar 18, 2009 8:26PM
When they came for the MLIM’ers,
I remained silent;
I was not from MLIM.
Then they laid off the planners and thinkers,
I remained silent;
I was not a planner or a thinker.
Then they came for the forthright,
I did not speak out;
I was a weasel.
Then they came for those with moral and ethical standards,
I did not speak out;
I cared only for my own job.
When they came for me,
there were no clients remaining.
Thanks to http://en.wikipedia.org/wiki/First_they_came...
Posted by guest , Mar 18, 2009 11:41PM
Another layoff down. I've been at BLK a long time and never thought I'd see the day, let alone see it twice and expect to see it again. At the same time, as many layoffs as I've seen over the years (mostly due to poor performance despite mainly bull markets and cheap capital), I think BLK does their layoffs with class. I've seen no indignities. Its a culture that doesn't work for everyone. If you aren't into working very very hard, you simply won't fit in. I would call it a culture of workaholics but the reality is that those that are most successful work very very hard because they like to be part of a firm that keeps on winning, not out of fear and desperation. We lost some good folks that I'll miss, but if anyone thinks BLK had a choice, they are not paying attention. Shits' bad and not apparently getting much better too soon. Those of us that are staying probably aren't getting richly rewarded for doing so, but are glad to have a job and when this all turns around, I think we'll be in a great position.
Wish everyone that got cut all the best - hope you find something good soon.
Posted by guest , Mar 18, 2009 11:49PM
um @103...comparing blackrock to the nazis is just plain retarded...
Posted by guest , Mar 19, 2009 5:30AM
@ 104 - amen to that. of course this is a tough, sad situation, but if one is not prepared to work hard, they should not be here. there's a lot of know-nothing slackers at this firm that need to go.
Posted by guest , Mar 19, 2009 8:47AM
@105 The poem was written during the Nazi period but is more generally about political apathy - read the link:
"His poem is well-known, frequently quoted, and is a popular model for describing the dangers of political apathy, as it often begins with specific and targeted fear and hatred which soon escalates out of control."
You only need to read some of the posts above to see there is a real hatred of specific groups.
@105 is a nice example of the benefits of thinking about things a little before shooting off a post.
Posted by guest , Mar 19, 2009 3:21PM
Cuts in NYC were pretty severe. It seems like very few groups were spared. A lot of good people affected.
Posted by guest , Mar 20, 2009 11:09AM
#104 - I would say 5% of the employees work very very hard and are actually productive. The other 95% are pretenders who don't actually get anything done but do a great job playing the game. Despite what you have heard, BLK employees do not have superior talent or work ethics.
Posted by guest , Mar 20, 2009 7:52PM
@108 i agree with you - superior talent at blk no - just great acting
Posted by guest , Mar 20, 2009 10:14PM
wow...we've "acted" our way from being a tiny boutique to the largest public manager in the US...its all acting and luck. We don't make good investment decisions (both internal and external)
, we don't have a culture of excellence, we're not smart and don't work hard...
Its all just Acting.
I guess we'll keep it up, seeing as its all been such a disaster this last 20yrs.
Posted by guest , Mar 21, 2009 12:07AM
@109 bitter, much?
Posted by guest , Mar 21, 2009 9:02AM
The word on the November cuts was BlackRock was being very fair, giving staff a good package. This time i know someone who got let go and got the basic package. Why? Of course in November they probably gave people going their piece of the accrued bonus pool. now that's just been paid it's "see Ya" to the next bunch. Hard to argue with that aside why make a big deal about "losing friends, being nice to them" back in November when it was all just dressed up bull.
Posted by guest , Mar 21, 2009 7:21PM
what's with these comments about people being "fake", or are "acting" etc.? what evidence can you use to back it up? give some examples before talking out of your ass.
clearly some groups/teams within BLK may have some dead weight, people who do the bare minimum to get by, etc...but i think a lot of those people will be weeded out as layoffs continue (and yes, we will likely see more over coming quarters).
Posted by guest , Mar 21, 2009 8:44PM
113 is one of those life loyal BlackRock employees who randomly laugh at thin air. 113, the layoff reaper can touch anyone especially in this economic hell. I surely hope for your own sake you are not a member of BAA.
Posted by guest , Mar 21, 2009 10:14PM
BlackRock is a decent model. No one enjoys being laid off but such is inevitable in these market conditions. With that said many of the above comments are frustrated employees of past and present. Although I would like to say (@86) hit the nail head on with much of what was said. Many odd heads at BlackRock take part in business practices that are nothing to be proud of. You play the game well you stay in it longer…
Posted by guest , Mar 21, 2009 10:54PM
-115 my above comment should reference @85 rather than @86.
Posted by guest , Mar 22, 2009 7:58AM
114, you appear to have much insight into BAA. What's going to happen?
"randomly laugh at thin air" - i think that behavior would certify someone as insane, not necessarily a BLK employee.
Posted by guest , Mar 22, 2009 10:28AM
It's unfortunate that the younger employees are the targets of these layoffs. 1-1 ratio of VP to Analysts seems a bit out of whack....
I'd like to see one round where 25% of the VP's and Directors are given the boot.
Posted by guest , Mar 22, 2009 10:29AM
It's unfortunate that the younger employees are the targets of these layoffs. 1-1 ratio of VP to Analysts seems a bit out of whack....
I'd like to see one round where 25% of the VP's and Directors are given the boot.
Posted by guest , Mar 22, 2009 3:33PM
-113 yea I guess to clarify not all BLK employees laugh at thin air. I was just giving 1 example of many odd things I was witness too at BLK lol. I also was witness to weird smelling individuals, odd phone conversations, yes and much more but my point is odd people can do extraordinary things!
Posted by guest , Mar 22, 2009 5:47PM
I heard BAA in Seattle and London is going to be gutted. Several business units are going to be dissolved and others are going to merge together with lots of attrition. Going to run the house very thin until markets stabilise.
Posted by guest , Mar 22, 2009 9:15PM
Seems like BAA employees come on here looking for details about their future (the crystal ball). Fact is BAA is a smaller part of BLK's overall business which currently is unable to perform and bring in adequate capital as it previously and currently exist. Seattle has taken upon much of PCC's BAA functions and responsibilities across the board. PCC BAA groups are seemingly being re organized and dissolved overtime as upper management gains a true understanding of necessary personnel vs what can be done in Seattle. Quellos has been acknowledged by upper management as a better performing unit compared to NYC and PCC BAA middle and back offices.
Posted by guest , Mar 23, 2009 2:42AM
So lets see, Seattle/Quellos is a better performing unit than PCC BAA groups. Reorgs are happening across the board, but parallels are being drawn to Seattle and what happened in Princeton. Rumors are flying that BAA with be gutted. Man, things are a little fuzzy right now. How wonderful it is to find out about units of the company and layoffs only through an online blog. Geesh, somebody just make a damn decision.
Posted by guest , Mar 23, 2009 10:31AM
Does anyone know what the final # was? I haven't seen any press releases, but have heard it was pretty large.
Posted by guest , Mar 23, 2009 12:08PM
I would guess between 5-8% positions eliminated this round. I'm still surprised nothing was mentioned in the news. Entire divisions were eliminated in AMG, however few groups were affected in PMG. I'm surprised Fixed Income PMG wasn't reorganized considering performance has been terrible for the past several years. Rumor has it that BLK is reorganizing AMG now to better prepare for Columbia Funds merger, which is nearly a done deal.
Posted by guest , Mar 23, 2009 12:55PM
I heard there were big hints of Columbia merger at AMG training in Feb. so that wouldn't be a surprise.
What AMG groups were eliminated? I know TE lost 3 or 4, WMG lost 2 but hadn't heard about FIG or others. PMG was hit pretty hard in November. I think FI PMG re-org is in the works - there was talk that they are changing ISG and teams will be able to take/implement their own views, similar to equity side, which is a huge departure. Not sure how it'll affect staffing though.
Posted by guest , Mar 23, 2009 1:19PM
@122 so goes life...
Posted by guest , Mar 23, 2009 5:09PM
From what I've heard, layoffs are happening in waves to avoid press coverage and unfortunately are occuring again this week. In AMG, one Marketing sub-group in Princeton was eliminated entirely.
In both cuts, Directors & VPs are getting dismissed, however oddly enough the Firm is cutting Analysts and Associates as well. One would think they would start with the mid-level management, as there continues to be layers upon layers of bureaucracy in the former MLIM world.
PMG wasn't hit hard in November, as no big names were dismissed. Changes have been made to the Fixed Income side (which was noted in post above). In addition, several FI senior managers are back to managing money. There is still a ton of fat to trim in HR & AMG, especially in the Retail division (Product Specialists, Marketing and Fund Admin)
Posted by guest , Mar 23, 2009 7:46PM
PCC is still a mess even a year after the MLIM merger. Many more cuts to occur in PCC in coming months, especially in groups consisting of 2-3 employees. The reorganization is key to revealing who is doing what. It is known yet not yet acted upon where some groups are completing tasks that have had no worth in quite some time.
Posted by guest , Mar 23, 2009 7:46PM
PCC is still a mess even a year after the MLIM merger. Many more cuts to occur in PCC in coming months, especially in groups consisting of 2-3 employees. The reorganization is key to revealing who is doing what. It is known yet not yet acted upon where some groups are completing tasks that have had no worth in quite some time.
Posted by guest , Mar 23, 2009 9:10PM
At least unisys is making out well with this....they are converting the IT desktop support in nyc and elsewhere to contractors. Let's see how many of us even keep our jobs.
Posted by guest , Mar 24, 2009 12:49AM
Eggshells are tough to walk on.
Posted by guest , Mar 24, 2009 7:20PM
131 you are so right. Unisys is doing well in PCC & NYC. I left a good job at a University to take an IT job in the Desktop Group at BLK. I was told I'd be involved with Servers etc., and nothing happened. It was a competition between the guys to see who would do the most tickets, and that was it. Thank God I got out of the Desktop group last year in the Summer. I now work downtown & love my job. BLK has the worst work place atmosphere that I've worked under. The Desktop Group Manager sucks. He knows nothing about technology, but talks like he knows a lot. Only the two kiss ass guys are still there I was told. All the good guys are gone.
Posted by guest , Mar 24, 2009 7:37PM
@133 I think you might have just shot yourself in the foot. If you're still working for BLK then it wouldn't be a massive stretch to work out who you are...
Nice one bro, that job you love, say goodbye!
Posted by guest , Mar 25, 2009 11:39AM
Word is that HR/Recruiting are doing their layoffs today. Good luck to everyone.
Posted by guest , Mar 25, 2009 12:12PM
ABOUT POST 133 - Someone just pointed out this post to me. I wasn't going to comment, but I'm getting messages from people thinking I posted this.
I didn't even know this site existed until today. POSTER: How about you don't pretend to be someone you are not? Own up to your comments and don't try to pin them on someone else. Grow some balls. You don't have to say your name, but don't try to throw people off by making it seem you are someone else. That's as low you can get.
I am the former employee the poster is pretending to be. I did not make those statements. That is unfair to the manager in question, the employees still there and to me. I learned a lot at BLK and that's more than you can say about most other places. I'm glad I had the opportunity to work there. Good luck to everyone at BLK.
Posted by guest , Mar 25, 2009 1:34PM
BlackRock employees getting a little feisty.... Like I said eggshells can be tough to walk on...
Posted by guest , Mar 25, 2009 2:03PM
I am a former employee who lost their job in March. I heard that the final tally was 300, but that some FI cuts are on hold b/c of Columbia.
There were some high-level cuts in AMG: MDs, Directors and VPs. Many were long-time employees who were highly respected.
Also many equity cuts: Co-heads of a small cap product axed (one was an MD), with assets transferred to another team. Boston lost some research analysts, and the Quant area was hit hard.
Posted by guest , Mar 25, 2009 8:47PM
Why hasn't there been a press release?
Posted by guest , Mar 25, 2009 10:55PM
still nothing going on at baa yet
Posted by guest , Mar 25, 2009 11:45PM
@140 untrue BAA definitely let people go (acknowledged by many). You should read post 122 sounds like it may apply to you!
Posted by guest , Mar 26, 2009 11:24AM
@141 I think 140's point is that it hasn't happened at BAA yet, but it is definitely coming. Question is a matter of timing and size at this point, not if.
Posted by guest , Mar 26, 2009 12:12PM
BAA= enormous amount of redemption's!
Posted by guest , Mar 26, 2009 1:38PM
@140 & 142 I think 141's point is that it has somewhat occured at BAA and that 140 is uninformed as to what is occurring outside their group. BAA has groups in many cities, many offices, many spectrum. Good luck to all.
Posted by guest , Mar 27, 2009 2:11AM
20% of the baa office was laid off in November.
Posted by guest , Mar 29, 2009 2:50PM
baaaaaaaaaaaaaaa baaaaa
Posted by guest , Mar 30, 2009 10:39AM
Does anyone know the total number let go from BRS?
Posted by guest , Apr 02, 2009 11:47PM
I just heard from someone internally that more cuts coming in June.. Good Luck to All..
Posted by guest , Apr 03, 2009 12:14AM
Anyone know if the layoffs ended up being 10% of the whole company or was it closer to 5%. Also, anyone get a sense of the breakdown by groups?
Posted by guest , Apr 03, 2009 12:00PM
Conference rooms have been booked by HR in Seattle on Monday morning.
Posted by guest , Apr 04, 2009 7:04AM
It's more than a little funny that many of the people who survived the RIF in my area haven't the faintest idea how to operate efficiently. I could have done the job of 5 people on my team, but management absolutely refuses to listen to reason. I could have decimated costs, also, but again management trusts their own head-up-their-ass opinion than the very experts they hire to get jobs done. Blackrock became a "job" to me the day I gave up fighting management tooth and nail to do my job properly instead of the ass-backwards way they wanted it done.
Who knows, maybe I will take a consulting gig with them as an efficiency expert someday. I certainly hope management is reading this board, because even though they may be tempted to believe that people here are spewing hate from anger, most of what has been said here rings true from my perspective. Blackrock festers on the inside, and the employees that are left in the ranks now are either incompetent, or frustrated that everything said falls on the deaf ears of management. What the MLIM merger did to org charts was to create a shit ton of new layers of endless fat and red tape that would make the US government envious. From my perspective, another 15% cut of the right people would actually make Blackrock more efficient, not less.
Posted by guest , Apr 04, 2009 4:14PM
Completely agree with post 151...huge efficiency isssues that senior management has become oblivious to.
I also agree with the comments on how awry the firm went once the MLIM aquisition was completed - all it brought over were fat, lazy, political used car salesmen. Let's face it when we came over from SSRM we were cut from the same cloth as the folks at BLK...same with the folks from Quellos...smart, hardworking people, so let's stop picking on BAA. Let's address the real issues which is how the firm changed and try to work on some of these inefficiences to try to bring this firm back to the way it used to be.
Posted by guest , Apr 05, 2009 12:08AM
Good luck to everyone in Seattle that faces the HR squad on Monday morning. I hope you all get back on your feet soon.
Posted by guest , Apr 05, 2009 12:55PM
legacy BLK employee here. i would not say that every single person that came in from MLIM was subpar, because there were some seriously heavy hitters that joined (especially outside the USA). as someone above mentioned, BLK would not be what it is today without that merger taking place.
but yes, there are a huge amount of subpar employees who, now that we are 2+ years past the merger, can probably go. the tech integration is nearing its final stages - so a HUGE amount of back office ops/admin & technology is being cut. BRS is getting hammered right now. there's lots of marketing teams within AMG which probably can be combined. what will happen to FMA in 18-24 months, once the balance sheets of many of these institutions is cleaned up? those resources potentially could be wound down just as quickly as they were ramped up. there are so many shitty product specialists that it's not even funny. further equity and fixed income teams could be combined.
but we also need to be realistic about the markets. our alts business - which generated tons of performance fees when things were good - is not coming back anytime soon. quellos was purchased literally at the top of the market. the fund of hedge fund business model is hugely less attractive to clients now. people will need to go to keep that business profitable. BLK is taking an absolute bath on the peter cooper village deal. people will need to go from the real estate business as a result. across the board, there is pressure to reduce fees for AUM. so whether or not people are "high quality" or not, margins are shrinking so fixed costs - people - need to go all over the firm. it's a matter of survival (and not a small amount of luck)
my point is, i think management is aware. otherwise they would not be laying people off. the entire reason for the single tech platform, for example, is efficiency. but it takes time for these things to bed down. and once they do, people will be lost...guaranteed. i don't know where the remainder of the people will come from, but we're not finished. good luck to all that do not make it out of the various cuts. any one of us could be next.
Posted by guest , Apr 06, 2009 11:47PM
Also legacy BLK here, @154 was attempting to make some sense but the BLK cool aid got in the way...management is aware? Single tech platform, system integration from MILM merger is almost done? Are you kidding me?
The same folks that deserve all the credit for this firm’s success UP UNTIL THE MILM merger are the same people that are destroying this firm! They did not know how to take the firm to the next level, the global stage. Then their arrogance got in the way of allowing the people, that they actually went out and hired with the skills to run a global company, do their jobs. They were still trying to run it as 1200 people in NYC, DEL and EDI...and are doing it the same thing to this day. I am not talking about directors, Vps etc...they have very little say in anything of importance that happens at the firm, I am talking about the few MD's and execs that actually run the company...
The BRS side actually is interesting, it’s one of the few departments that is actually making money for the firm but they are getting hit just as hard as the other areas of the firm. Off course the management team or should I say duo and a half CH, AB and TF on occasion, no idea why they bothered hiring the rest of the management team that they carry around, as they have little to no say in most decisions, well... maybe they allow them to be in the same room when they announce the decision but that’s about it.
To really give you an idea of how removed the people that are making the decisions on who is let go and who stays, there are three of us and we have been thinking of taking early retirement next year, over the last 6 months we all have approached our management to volunteer our positions save the jobs for some of the people that really need the job and at the same time retire with a nice package and retire even earlier, when Nov came and went my management what happened, he was never approached about the people the department lost "...they must have thrown darts at a board when they came up with the list...". We are all still employed, although the current round has another 9 days to go, and we would rather not be……
It would make sense that firms would try to eliminate the fat and make smart decisions on what part of the business to keep, grow and eliminate. This management team is so over its head attempting to manage a global company...it’s beyond description.
I was disappointed that there was no shake up in the upper management teams as a result of the MILM merger or after the merger, as good or great as the team that got the Firm to that position in 2006 that is how dreadful it has been since that time attempting to manage something across 5 different time zones...that does not turn as quickly as a speed boat...their speed boat turned in to a cruise ship overnight...vision and planning are not their strong points, they are doers, they need someone to draw the road map and they will dig and pave it, probably a few times over since they will not be able to agree on the asphalt composition! Or as long as another shining object in the horizon does not appear during the paving ...
My heart goes out to the people that have lost their jobs and I wish them the best of luck for a quick and gracious recovery.
Posted by guest , Apr 11, 2009 9:18PM
The bloated senior staffing on the equity side is out of hand. BD's army is immense, and they do his bidding like the Orcs under Lord Sauron. When underlings of BD gripe that they never see their boss, he schedules an official walk-through, as if he's the President making a rare tour of Wyoming.
RK, LF and SW lost control of the rudder some time ago. But the market still prices our stock at a premium. I just hope that the senior FI folks get a handle on performance so I can get a bonus this year. The departure of KA to Soros may be the driver of the terrible FI performance. But if it stays weak, clients will leave.
Posted by guest , Apr 15, 2009 6:22PM
Let's see if the revamped FI biz can turn things around. Agreed on the equity side - so much room for consolidation.
Posted by Christian W , Apr 16, 2009 3:38AM
There are so many people being laid off at work and have a hard time coping with financial problems thus it may be a great idea to join an auction and have it as an opportunity to work. The Storage unit auctions are on the rise and a growing business that can be access easily by many people thus many are following it. The National Auctioneers Association or NAA, a group of auctioneers has been reporting a greater number of storage unit auctions as facilities will auction off all that is contained within a unit if the renter has stopped paying their storage fees. The average cost at auction is about the same amount of most payday loans, under $500. Things found after auctions range from a Harley Davidson to an arsenal of machine guns. (The previous owner was arrested.) Since you never know what you'll find, some definitely would think about payday loans to go to. visit: http://personalmoneystore.com/moneyblog/2009/04/08/storage-unit-auctions-property-lost-recession/ storage unit auction.
Posted by guest , Apr 16, 2009 9:46AM
@158...it's about time for some SPAM. Thanks
Posted by guest , Apr 24, 2009 7:49PM
Just curious - for folks that were laid off and offered the minimum 3 month severance plus stock vesting (if you were with BR less than a certain number of years, I believe this is what was offered), was anyone able to negotiate a higher package (guilt trip really, given you have no leverage to negotiate)
Posted by guest , Apr 27, 2009 5:06PM
Any word on the next round?
Posted by guest , May 03, 2009 9:39PM
starts soon, in August at the latest, the goal is to reduce the size to 5000, estimated about another 300 people will be cut, hopefully, just hopefully this will be the last round...
Posted by guest , May 04, 2009 3:09PM
Bloomberg 5/4/09 - BlackRock’s Doll Says S&P 500 May Fall 11%, Led By Bank Shares
Not that anyone listens to him but for the love of my 401k BD should shut the fuck up or be in the next round. He's pulling in more $ than LF.
Posted by guest , May 07, 2009 6:11PM
@ 156 you gotta be kidding. KA. His stubborness led to us missing every market turn.
Posted by guest , May 07, 2009 6:11PM
@ 156 you gotta be kidding. KA. His stubborness led to us missing every market turn.
Posted by guest , May 07, 2009 6:24PM
I agree...bring back McKenna...MLIM had better FI performance at the time of the merger...we cut the wrong team
Posted by guest , May 11, 2009 12:29AM
Good luck to all. Cuts are to occur once more through out BlackRock starting in June through August. Looks like BAA and other Alternative areas are going to be downsized once more reflective of the their poor performance. Also management is focusing on reducing the amount of duplicating efforts that were discovered to be occurring. The goal here is to have groups with clearly defined objectives and tasks.
Posted by guest , May 11, 2009 8:30PM
more cuts in august - take a took at equity funds to make cuts
Posted by guest , May 13, 2009 10:16PM
Anybody else remember the company call in January when LF commented on the reduced bonuses throughout the firm? He said that as bad as it was, the Exec Committee members were taking the biggest hit.
Well, it appears that BD earned $26 MM in '08, down from $27 MM in 2007. And his performance was barely positive. LF's earnings declined from $26 MM to $21 MM.
How could LF think he was being remotely honest with that statement? Yeah, he took a $5 MM reduction, whereas the plebes took $25-100K hits, but he and the other kings are still on the high side of $20 MM.
How many jobs could've been saved if LF, BD and RK "ONLY" made $15 MM each this year? LF and BD would've had $17 MM to save a lot of jobs. But it's too much to ask the kings to share the crumbs. Even when they were both dead wrong on some calls. Thanks dudes.
Posted by guest , May 15, 2009 9:27AM
Lot of phonies at Blackrock;
Best thing they did was let me go back in November '08.
Posted by guest , May 17, 2009 5:48AM
buckle up for another merger folks...if we buy BGI, it's going to make the BLK/MLIM merger look like a walk in the park!
Posted by guest , May 18, 2009 7:47PM
@156 take a look at DS's group - you think BD's plebes are paid well - DS's group think their crap doesn't smell and they get everything they want check out their offices and the amount of people he has - they are all paid well and are like teflon can't touch them
Posted by guest , May 18, 2009 10:01PM
Any idea if BRS will be affected in the next round of cuts? It seems like besides advisory things are very slow.
Posted by guest , May 21, 2009 1:30AM
@171 BLK was lucky with the MLIM merger and had a hard time to get the culture in tune.. I would doubt that we can make this a successful merger.. we need to grow up first and think long term.. i think we can use our own advisory internally.. Get rid of inefficiencies; get rid of some of the senior managers at BRS, HR, AMG,. Lets face it .. Why do you need so many MD’s in BRS who walk around and B/S all day pretending to work.. .. Why do you need such a large HR team for 5k people?? Save real money !!! and get efficient.. lets get our advisory team to help us…
Posted by guest , May 21, 2009 6:20PM
The count down is on cuts starting sometime in June get your boxes ready folks! AVP'S and VP's beware the targets are on your bellies..
Posted by guest , May 21, 2009 7:02PM
AVP = MLIM dead weight that hasn't been promoted in years and is just collecting a paycheck. time for them to go.
Posted by guest , May 21, 2009 8:03PM
Same for many "Associates".
Posted by guest , May 21, 2009 10:46PM
I really can't believe BlackRock hasn't taken a closer look at the Director level in Princeton AMG. Just a handful of MLIM leftovers who have done an excellent job preserving themselves and still feeding heartily at the trough. Cut here, lose little, save big.
Posted by guest , May 22, 2009 7:30PM
take a closer look at PMG - especially the equity funds in Princeton - you have a ton (literally) of dead weight you have people at the VP level and above who do nothing all day, write an occassional report and now that baseball season is upon us - play their fantasy baseball games
there are many areas you can cut people, you can a cut at the director level as well - some b/s all day and trade for their personal account, bring their mail from home to pay bills and once in a while look at the screens to see what they are getting paid for - the cuts came come soon enough for PMG
Posted by guest , May 25, 2009 3:12PM
The VP level is by far the most bloated group at BLK. How is it possible that there are more VP's than Analysts? Who are the VP's managing? One manager for every grunt?
The next on the list should be Associates with more than 5 years of professional experience who won't be promoted this year.
I just don't see how eliminating the cheapest employees at the analyst and associate level will make any significant dent in cutting costs.
Posted by guest , May 26, 2009 8:13AM
Certainly there is still an overabundance at each officer level, including the Managing Directors. But cuts shouldn't be based only on these numbers. Just because an employee hasn't been promoted in five years doesn't mean he/she isn't valuable to the firm. Could it be these employees deserve promotions but aren't promoted to avoid this bloating?
Posted by guest , May 29, 2009 8:38PM
Deloitte actually fires employees after one sub par review. They also eliminate anyone who hasn't been promoted within 4 years. Goldman and other top firms probably have similar policies.
The bottom line is Associates who aren't promoted can be easily replaced by cheaper college grads. There is no need to have employees who earn more each year but do the same level of work. Why not fire their asses and get cheaper labor.
I would expect Blackrock to have a much stricter policy on population control after this recent fiasco. I'd imagine going forward they'll fire the bottom 10% annually, and shit can any associate who can't make VP within 4 years.
Clearly something is wrong if there are as many VP's as Associates and Analysts. This either means that VP's are doing analyst level work, or nothing at all. Either way, they need to be eliminated.
Posted by guest , May 29, 2009 9:49PM
So if these Associates make VP, but the VP level can't be overinflated, where do the existing VPs go? Director? Then where to the existing Directors go? Managing Director? Then where do the ...
Sure, you'll get some fresh ideas here and there and stumble across some real talent, but this movement you describe (assuming BlackRock wouldn't tolerate even more expensive complacency from their VPs, Directors or Managing Directors either) could just as well keep the firm from attaining its optimal collective talent. The longer an employee performs a task, the better he/she performs it. There is an obvious value here that shouldn't be overlooked.
However, I do agree with the policy you describe whereby the bottom 10% are cut annually, as long as performance reviews can be done objectively (they really can't) and it applies to all employee levels. Who will effectively review our MDs?
In addition, officer titles should be attached to positions. You get promoted into that position, you get the officer title that goes along with it. No promotion, no title. Since those positions are naturally limited by department structure, so too would the number of titled employees.
Posted by guest , Jun 01, 2009 2:01PM
Eliminating the bottom 10% of performers works when large companies are well managed at all levels. Before the MLIM merger, BLK didn't focus on developing its managers as the firm was growing quickly, and as a result, most of managers at the firm are terrible/socially awkward.
Most BLK people will tell you that even if you're promoted your job responsibilities don't really change. It's not a place where you can grow in your career, period. The firm had high employee turnover before the recession started -- RK commented on this problem several times.
Posted by guest , Jun 01, 2009 4:39PM
I do not agree completely with 184 in saying that promotions do not mean significant changes in job responsibilities, career growth etc. At least in my case (from Associate to VP) there were huge changes - and in general, I've found that in most AMG/PMG roles (can't speak to many other parts of the firm), hitting VP (even senior associate in some cases) meant meeting clients regularly, winning business, speaking at client meetings - not being a fly on the wall, taking some responsibility for overseeing analysts/associates below, and generally being made much more accountable for the growth & maintenance of the business. I'd say the last 2 items would apply to a VP in any area but someone correct me if I'm wrong. Nor can I speak for Director/MD level, though I imagine the stakes are raised at each step of the way.
Either way if you're not growing the business (at all levels), stepping up your knowledge, and/or if you're not a good manager, you need to go. Keeping incompetent idiots around demoralizes everyone.
What *is* different compared to a few years ago is that since BLK is now very big, and no longer in a period of rapid growth, it is more difficult to move good performers to different divisions of the firm, build out new roles, launch different products etc. If you look at the "old timers" (= late 90s/early 00s) that are still here, they worked all over the place. Today they talk about moving people around the business as a central part of the "culture" but in reality, BLK (as others noted before) grew to fast and now has reached a critical mass that requires some restructuring (i.e. layoffs) to re-create a nimble firm that provides room for talented employees to grow. That space is very limited right now and we're going to lose very good people if/when things turn around again.
Posted by guest , Jun 02, 2009 7:55AM
I should've specified the jump from analyst to associate level at BLK, which doesn't really give the individual greater responsibility or new opportunities. Obviously everyone's experience could be different than mine but many of my co-workers would agree with my statement.
BLK has terrible managers, period. The company is still being governed the same way as it was pre-MLIM merger. The firm has intelligent managers who really don't have the people skills to lead with the exception of RK.
Posted by guest , Jun 02, 2009 9:49AM
There might have been an expectation on the BlackRock side that because of MLIM's established success, the merger would provide a level of seasoned management they didn't have before. But from what I see, (some of) the MLIM managers are just as technically incompetent and socially inept as the BlackRock managers. The BR managers, as socially awkward as they may be, appear to spend more time on the tasks at hand and much less time and effort trying to hide their lack of technical/people skills. Maybe this is one of the major differences that keeps the two cultures from a successful marriage?
Posted by guest , Jun 12, 2009 6:25PM
well, among the "who-is-shittier, MLIM or BLK?" debate, i guess we'll now need to include BGI...
Posted by guest , Jun 14, 2009 11:52AM
188, I don't think it's a matter of "who is shittier," rather, it's a matter of weeding out the unqualified and complacent at all levels throughout the firm, no matter their origin. Unfortunately, some of these employees reside at levels that allow them to weed out their sometimes "better" direct reports, while avoiding being weeded out themselves.