A billion (sorry, it just feels like a billion, it’s actually only 8,000) employees to can, and they’ve got to start somewhere. Worker bees in Wealth Management (US) are said to be getting the axe today, tomorrow and Wednesday (so far it’s apparently been “a bunch of ED and directors…at least 8 out of 80″).
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Welcome to the unemployment line biotches. Grab your $405+$25, a beer and kick off Price is Right on the DVR.
-Fo Shizzle
almost 3:30 and no comment on the NYT article about the kids graduating from good schools with no banking jobs. Kids that wanted banking cause of the money and prestige (as well as push from their parents – sounds like Long Island parents, but who am I to judge) but are now toning down their expectations and looking realistically at what they want to do with their lives. One Wharton boy actually filled out an app for Rabbinical school. Yikes.
no IBD layoffs yet
@2, who gives a crap?? What about all of the people who got cut who were actually making money but they couldnt afford to be kept on the roll? Bear and Leh, etc. Who cares about some snot nosd punk who can do well on a test, what about the people with families to support who have been out there working? No one cares thats why it hasnt been mentioned
@2, who gives a crap?? What about all of the people who got cut who were actually making money but they couldnt afford to be kept on the roll? Bear and Leh, etc. Who cares about some snot nosd punk who can do well on a test, what about the people with families to support who have been out there working? No one cares thats why it hasnt been mentioned
@2 saw that article in the NYT saturday.
The poor ‘rabbinical’ kid actually got an offer at some firm in Philly I think.
someone sounds very bitter… Get a grip kid. If you hadn’t overspent when the money was coming in you wouldn’t have that panicky tone in your voice now. Nor would you be exaggerating about how much money you made for the firm. I’m sure that if it was anywhere near what you think, you would still be there.
Petulant Populists Post Poorly
If it’s me, the layoffs need to get the fuck done. I wanna sleep in tomorrow and this looming axe over our collective heads gets old very quickly.
6 He did, but the point was it wasn’t Wall St, but instead a local RE developer.
#7, I am not bitter and I still am working. I just think it doesnt make sense to wonder what some poor snot nosed kid from Wharton is gonna do, he/she will figure it out. Not high on the priority list. Maybe they will go and find something that makes them happier and provides a public service, something they never even thought abt doing.
@7
In defense of the guy that was a little angsty about the layoffs, this is a completely different beast from the IB stuff. Wealth Management people don’t get paid big bucks or get sick bonuses until they get bought by other firms (which is why retention bonuses should be common sense). Wealth Management pays around 240% of trailing 12 for a guy that will spend the next few years making it worthwhile to recruit the advisor. Meanwhile, some rookies and older lower producing people get axed (even if they do make money for the firm).
Consolidation of advisors, wirehouses moving away from anything under a mil, etc…the world is changing and it sucks for the people that will see their livelihood crumble, because it isn’t the people that have the money.
First “U B Sucks” of the the day. Do I hear a second?
It is pretty amazing what a disaster the place is. They are going to be forced to either be nationalized or merge with someone, they are losing deposits by the second in Private Wealth. Time to get Hans Gruber over there, maybe he can stop the bleeding.
In my product group – 12 confirmed people maybe 14 or 15 (out of just under 80). No EDs. More than half are Non-Officers.
Clearly this is purely a headcount reduction and not an attempt to save money.
In my product group – 12 confirmed people maybe 14 or 15 (out of just under 80). No EDs. More than half are Non-Officers.
Clearly this is purely a headcount reduction and not an attempt to save money.
@13 No
@17 that’s a shame.
However, look into your heart for you know it to be true.
Folks…
when the market comes back [2011-12] its going to be easy as shit to get hired…all the great beankers will be long gone…
Nothing is better than a desperate trigger happy Group Head, Revenue Light MD post-divorce/down grade from GS/MS….looking to hire to recoup some bonus $.
In 2003-2004….schlock from Andersen, to Key Bank to CIBC were hired in droves, some to VP, Dir, MD with no questions asked….
no one in my coverage group was laid off today… IBD
So what’s the latest? Does anybody have any info on when layoffs at the branch level will be made?