Why do tomorrow what you can do today, yes? Apparently the IB analyst and associate cannings thought to be going down tomorrow at Bank of Amerillwide began this morning. No word on which groups, but if you very recently came into some time on your hands, get in touch.
Update: JO&C time for TMT and Real Estate.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
I was laid off – bank teller in Albequerque
The cuts are ongoing in everydiv/dept all the way to the atm’s. Someone has to pay for the poor decisions of Ken Lewis.
Ken Lewis for President ’12!
8==D~~
I was laid off – bank teller in Albequerque
Any internal investment guys (Strategic Investment Group or Global Strategic Capital for example) being laid off in these or any future cuts?
Is Strategic Investment Group responsible for ML?
Hey 6 go put a plastic bag over that melon you call a head and wait until you have a fuckin’ clue.
Not to my knowledge 7. My understanding is that was a C suite decision. SIG goes out and makes investsments with BAC’s ever dwindling equity. Have a B-school friend in that group but I am pretty much in the dark on most of the happenings in that group. Just concerned about him and he is being understandibly tight lipped.
It’s “A-L-B-U-Q-U-E-R-Q-U-E”
~The Ghost of Coronado
Terrible. Like 85% cuts. All industry groups.
dealbreaker:abovethelaw::goldman:piper
Piper Perabo?
Piper Aztec
This is such an awesome time to do investment banking. I wake up, get real pitchy during the day because “live deals” are not happening and then go home early…knowing that my bonus will suck and the experience I am getting is meaningless. This is exactly what us investment bankers needed….a reality check. Hey MD’s you suck, you offer no real strategic advice, you are just reactive. When is the last time you did a financing and actually brought up the idea to the client? Never. This is the time that separates the few good senior bankers from the bad ones…hi I am a glorified salesperson let me pitch you some real stupid crap!
#15 – so true. Yet they still believe they are masters of the universe. They will make sure though that every bullet point ends without a period and give back their comments at midnight afterall that is why they get paid, not new ideas. (or did)
I was laid off in mid February from Premier Banking and Investments – what it was called prior to the ML acquisition. Even though I knew the ‘RIF Fairy’ was visiting many associates around the country, I didn’t think it would hit my group so quickly.
I’ve heard that the remaining teams are on edge and have no idea what’s going to happen next. What a way to boost morale… In a way, I almost feel fortunate to be out of there.
any info on offers for the reduced ib incoming class?
I am looking for a few good men to work under me.
Captain Primerica
@18,
Dude I’m sure noone at BofA-ML gives a flying fuck, or is even seeking information on the incoming 2009 class.
In I-Banking. Every Assoc/Analyst is being called in in alphabetical order and being told yes/no you are on the team (if you call it a team).
Severance is 3 months (NY WARN Act) where nothing changes in terms of employment status/pay/benefits. Just think of it as a 3 month vacation on the taxpayers.
After that it is 2 weeks for every year w/ a min of 4 weeks.
All in all not a bad little gift in terms of escaping a sinking ship.
Why would anyone who was actually laid off be dumb enough to confirm that this happened – down the road it would come back to haunt them (recruiters would know that they were already likely out of a job and this would make a candidate less attractive, since it’s always easier to get a job when you have a job).
Get out while you can still get a free vacation!
Got my RIF notice today, fortunately the severance is fairly decent (will be 4 months total) and I can do without being a gov’t employee while doing no deals.
Does anyone know of good headhunters? I read on BankersBall that Glocap sucks, but that’s the only major one I know. Has anyone had experience with Lease A Banker before? A guy I went through training with got a temp-to-hire PE job through them, but I haven’t heard much else about them.
@24: have you seriously not spoken to any of your previously-RIF’d colleagues?
I know good people laid off in September/December/January who have been pounding the pavement – hard – and have come up with, maybe 1 or 2 “real” – noninformational – interviews in that time.
Don’t mean to be a downer – but seriously? You haven’t looked into who the HH’s are? Not that it will help you – my best friend is one, and she hasn’t placed anyone in a couple of months now – no one is looking to hire, and if they do, they don’t need to pay a HH.
I have numerous friends who have been out of work well over 6 months. These guys are not losers. Ex-Lehman, MS, GS guys with top 5 MBAs. if you’re not willing to significantly downgrade there is absolutely nothing out there.
#24
read @22:
Why would anyone who was actually laid off be dumb enough to confirm that this happened – down the road it would come back to haunt them (recruiters would know that they were already likely out of a job and this would make a candidate less attractive, since it’s always easier to get a job when you have a job).
@24: According to my friends who are recruiters, the only jobs out there are in accounting. For the most part, all of the head hunters are the same. You are better off submitting your resume directly to the employer.
TMT analyst here, total shit show at the bank. entire 07 associate class was leveled, 08 analyst and associates werent too badly affected for the most part. half of 06 associates were cut.
Pay till June then 4 weeks severance.
#13 Piper Perabo has a huge rack, who saw her in her lez scene, I had a really nice time with that.
@13, sorry it was Jessica Pare (who starred with Piper) who had the huge rack.
@29
there are only 2 ’07 associates in Tech – no need to be sensational!
ML M&A completely decimated
Morale of course, is at an all time high.
@32 Tech is primarily out West not in NY, check out what happened here
This may be a stupid question, but was it primarily BoA or legacy-ML guys that got the axe? Or both?
I am an (ex-ML) BAC associate. I have taken the advice of the commenter from a few days ago who was stealing copper wiring during his lunch hour. Only during the lunch hour, because recruiters and potential employers dislike being disturbed then. So far, the going has been good.
@ 34
most if not all of the west Tech people are not Americans – keeping them while firing US citizens would probably result in federal action against ML and parent BAC (particularly after receiving bailout dough)
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