From the front lines: “JPM is breaking up F.A.S.T. MDs & EDs bearing the brunt of the layoffs while most VPs and below are being placed elsewhere in the bank.”
Update: Seemingly confirmed from the inside. www.jpmorgan.com/pages/jpmorgan/investbk/solutions/fixedincome/rate/fast as of 3:45:
And now:
Hahaha! Skeet skeet!
Is that the firm/dept. that gave a model to Bloomberg, then couldn’t remember if it was the correct one or not, so “opened it up”?
My condolences.
As long as my share price goes up, good riddance.
legacy BSC unit
Money saved from no more late night useless seamlessweb orders, useless car rides home, useless fatness.
GO LONG JPM.
F.A.S.T was a group within Bear that pumped out the CDS and MBS..so much for that!
None will be missed. Bye bye.
FAST stands for Financial Analytics Structed Technology or something
Its been with Bear since early 90s back when Howy Rubin (guy who lost ML $350 Million and went on vaction in ’87) whose desk was sawed open to reveal toxic trade tickets…see Liar Poker
Nice to see Bear ethnic cleansing is in full force
http://glickreport.blogs.foxbusiness.com/2008/03/17/the-human-cost/
bahhhhhhahhahah
F.A.S.T.: Bear’s version of Fixed Income Sales and Trading. I-banking hours, zero training, zero bonus. “Vinnie from the mailroom” type of personalities got rewarded in this program.
FAST was a joke, adios Bears
FAST was the quant and mortgage geeks that did analytical support for the mortgage business and the securitization business. Many of the people in Cioffi’s area were from the that group, including Ray McGarrigal. Smart guys–much in demand except for the whole business model is dead part.
@9- more like Financial Analytics & Structured Transactions.
FAST!?…LAYOFFS!?, WE TALKIN LAYOFFS? CMON MAN, LAYOFFS?!
so is it smart quants like @13 says or dumb vinnies like @11 believes?
Fixed Income Sales and Trading sounds more like what Bear got from JPM and hedge fund rumor mongers like Moore, Soros, and Paulson. FIST (ED).
@17- um wtf are you taking about?
@16
Dumb Vinnies especially on floor 9
In their sub-infinite wisdom, JPM has now removed all traces of the FAST site from the web pages.
@ 19 … sounds like you were one of the ones who got the axe…knowing the floor number and all…sucks to be you!
@20- wow, that was fast. It showed up when DB originally posted the news and now it’s gone.
@15 well played Mora, well played
Was a bunch of smart guys. Worked with them during my days at The Bear.
-mrp (Vinnaaaaay)
@17 that was a huge airball. swatted into the 5th row seats. get that shit out of here.
that group should’ve been out the door with the merger anyway
@26
They were, along with all the best traders and sales guys who these FAST lemmings worshipped.
That’s too bad. I used their product called BondStudio to run reports on my portfolio.
@4/@6
Too bad it doesn’t mean that. They got rid of FAST simply because they completely failed to manage it. It was pretty unique on wall street and JPM had no idea what to do with it from the start. That’s value lost from the Bear purchase. Not gonna help your shares.
Guys with ED got laid off too?
@29
everyone from the inside knows what a joke FAST actually was. Not one of those guys had offers to work at other bulges. It was their only offer much like the rest of bear’s sad employees. hope u enjoyed your brief stints on wall street. time to go back home to georgia.
@31
harsh words. if I recall all mortgage traders at Bear went through FAST at some point. many of them ended up at other bulges post-jpm merger. all the guys running FAST had been at Bear for 20 years. Bear might not have been the smartest but FAST knew more about mortgages than everyone else on the street combined
I recall the Head of F.A.S.T. Asia was recently relocated to NY. Was he cut as well?
@31
everyone at Bear knew that FAST was the fast track. It was the program that everyone straight out of school wanted to be in. All of the top traders and sales knew the value of FAST. it never fully integrated because JP is too big and did things their own way
Sha na naah na Sha na naah na…
#32
Yeah they knew so much how come they had no idea when the sh*t hit ZERO?
CIO at JPM (Ex Bear CIO) is ex FAST. I guess there was not much he could do to save his ex peeps. FAST was actually quite innovative for its time. That time is looooooong gone though. I was actually surprised they even brought it over.
WILL JPM HONOR THE INTERNSHIPS AND FULL TIME OFFERS EXTENDED TO THE INCOMING F.A.S.T. CLASS?
#37, probably not. Time to get the Dunkin Donuts application in! Gotta love that Java.
@37 – they didn’t honor the committments to 08 grads (fired pretty much right away). I wouldn’t hold my breath.
But what will happen to the innovative solutions and state of the art analytics and technology????