Cuts are apparently going down today in ML investment banking across the pond. They’re expected to continue into tomorrow, affecting analysts and associates. No word on severance.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
I am the CEO of a hedge fund. What is MER?
We don’t like to use the term, “cuts”. We prefer to use the phrase, “Unsolicited talent seeding”.
~The HR Guy Who is Still Employed but is Seriously Considering Getting His Eyes Done
Anyone know first year analysts’ numbers?
Is GS starting today or tomoorow?
hearing there is a new letter out from BAC’s Ken Lewis… any color would be appreciated
Cutting a large portion of the analysts…who’s going to be making the pitchbooks?!?
A check for 5,000 pounds, a pat on the back and a “Don’t let the door hit you in the ass on the way out….”……
@5
http://blogs.wsj.com/deals/2009/02/24/bank-of-america-internal-memo-we-are-not-being-nationalized-okay/
@4- tomorow
ok i get the whole banking/gossip aspect of this site, but let me post you – wall street is downsizing, has been downsizing for a few months now. some banks are merging and there will be redundancies, others are cutting back staff or are just going away altogether. now back to madoff and fish
Don’t know why any one is surprised. Since no one is getting paid bonuses why bother having anyone other than Directors and Managing Directors since everyone cost the same ex-bonus.
@11- who said anyone was surprised?
@10- jesus christ. it was all stanford last week, and it’ll be mad and stan soon enough again. don’t like a certain post? don’t read it.
@8 – holy crap, that WSJ comment thread is full of fail. Buncha day-trading retail idiots. Thank God for Dealbreaker commenters, who are at least relatively smart.
W W W W W W W WIDECLOPSE!
The Powers of Thain are all over London.
http://www.davewillswrestling.com/Powers_of_Pain.jpg
@13 – oh my. thank you so very much for pointing that out. wow. i’m dumbfounded.
i mean, at least they couldve classed it up with “first” or a “tl;dr”
Fidelity Boston is cutting people right now. 15% of trading desk gone so far. No word on office in London
@ 17, any detail on PMs and analysts?
greatest example of retail commenters:
http://blogs.barrons.com/techtraderdaily
find any post pertaining to either apple or solar energy…my god – the crazies really come out for those.
Bank of America CEO Ken Lewis gave the following quote regarding Bank of America’s financial position.: “Given our view of things, we do not expect to cut the dividend nor do we expect to have to raise capital. We get investors and analysts calling us saying, ‘You’ve got to cut your dividend because the market is saying you should cut your dividend.’ We’ve reminded them that the market over the short term is not always right.” Since that time, Bank of America has received over $45B in Federal bailout funding and BAC stock has dipped well below $5 per share from $44 per share a year ago.
Kool-aid anyone?
Bank of America CEO Ken Lewis gave the following quote regarding Bank of America’s financial position.: “Given our view of things, we do not expect to cut the dividend nor do we expect to have to raise capital. We get investors and analysts calling us saying, ‘You’ve got to cut your dividend because the market is saying you should cut your dividend.’ We’ve reminded them that the market over the short term is not always right.” Since that time, Bank of America has received over $45B in Federal bailout funding and BAC stock has dipped well below $5 per share from $44 per share a year ago.
Kool-aid anyone?
Bank of America CEO Ken Lewis gave the following quote regarding Bank of America’s financial position.: “Given our view of things, we do not expect to cut the dividend nor do we expect to have to raise capital. We get investors and analysts calling us saying, ‘You’ve got to cut your dividend because the market is saying you should cut your dividend.’ We’ve reminded them that the market over the short term is not always right.” Since that time, Bank of America has received over $45B in Federal bailout funding and BAC stock has dipped well below $5 per share from $44 per share a year ago.
Kool-aid anyone?
that was very insightful and COMPLETELY NEW INFORMATION…all three times.
9 thanks, keep up updated, I heard 15%
Sorry for being late; now that we’re blocked from work there’s no way to update until home time. Which, is stil averaging midnight, compared to you fuckers in NY who are bailing at 5pm. Thanks, really boosts morale to be calling your deal team at 11pm to find that they’ve fucked off and you still have several hours left.
Anyhoo! Cuts went from first year analysts to senior associates today in several industry and product teams, although a few teams are delayed until tomorrow or end of week.
Severance apparently standard, 3 months “consultation” (keep company phone, apparently attempt to relocate) confirmed, rumoured another month gardening leave and another month severance if relocation is (inevitably) unsuccessful. So being paid to be free, whilst the poor kids left behind will be working our asses off for the next five months for the same, given bonuses are expected to be a book of Subway vouchers.
Jealous of the laid off bastards who get to wake up late tomorrow; at 3am these leaving drinks are starting to hit… laters