Layoffs are said to be going down for investment bankers at the House of Morgan circa now, so far apparently affecting Natural Resources and FIG. While this is deeply upsetting, given the ban on congratulatory plaques for deal teams, one might ask what's the point of taking part in this racket anymore. More details as we get them.
Update: Associates in SLF (Syndicated & Leveraged Finance) added to the mix.
Posted by guest , May 14, 2009 2:13PM
I am a PM at a multi billion dollar fund, what is FIG??
Posted by guest , May 14, 2009 2:15PM
Too FIG, Didn't Newton
Posted by guest , May 14, 2009 2:16PM
@1- at JPM, it's Financial Institutions Group (FIG).
Posted by Investorcluzo , May 14, 2009 2:20PM
@3 - I believe @1 was a joke/sarcasm. is marty dolan still around? what level is getting whacked?
Posted by guest , May 14, 2009 2:22PM
No lucite for you!!!
Posted by guest , May 14, 2009 2:26PM
Props to @2....very quick! By the way, Newton got whacked 25 large in the South Sea Bubble. He wrote about it, too. Sorry for the long link. See:
http://books.google.com/books?id=3ngEugMMa9YC&pg=PA861&lpg=PA861&dq=isaac+newton+loss+south+sea+bubble&source=bl&ots=rB5oQ9pKtT&sig=_XLBvj2Mlogae8Dd_ydpqE9f9kM&hl=en&ei=8WEMSsjOF4ig8gTasYTRDw&sa=X&oi=book_result&ct=result&resnum=3
Posted by guest , May 14, 2009 2:26PM
Financial Instituations & Government
Posted by guest , May 14, 2009 2:26PM
I would rather bang LOBSTERCLOPS in the ass than be from Texas.
Posted by guest , May 14, 2009 2:28PM
@8: Those of us in Texas could not agree with you more. Have at it!
Posted by guest , May 14, 2009 2:29PM
Did I miss it when wideclops morphed into lobsterclops? Or is this just wrong.
Posted by guest , May 14, 2009 2:29PM
The Ainsworth Penny (in the ad)? Yes or no?
Posted by guest , May 14, 2009 2:31PM
@9 well played?
Posted by guest , May 14, 2009 2:32PM
@1 - sorry
Posted by guest , May 14, 2009 2:32PM
FIG = Felching is Glorious
The Guy From Delaware
Posted by guest , May 14, 2009 2:34PM
What ever happened to the American dream of moving to Texas and killing it at Credit Suisse Houston?
Posted by guest , May 14, 2009 2:45PM
Rumors of my death have been greatly exaggerated. Unlike me TGFD really is dead. He died 3 weeks ago.
The turds running around DB claiming to be TGFD are impostors.
l8r
- Snake Plissken
Posted by guest , May 14, 2009 2:49PM
Who got canned? Names plz.
Posted by guest , May 14, 2009 2:51PM
@ 16. Are you serious? What happened to him?
Posted by guest , May 14, 2009 2:51PM
FIG, what a joke at JPM
Only 4 FIG bankers were picked up from Bears 20 FIG bankers...
2 were on contract and were zero producers in 2008, who I am sure are toast today....
The others were political, again zero deal-flow, and 1-2 jr guys who probably got killed today too
This should be the last of Bears' ethnic cleansing
Posted by guest , May 14, 2009 2:51PM
What is severance package?
Posted by guest , May 14, 2009 2:54PM
@6 Nice reference, but me thinks 2 had over more "cookieish" things on their mind.
-not 2
Posted by guest , May 14, 2009 2:59PM
@18 Cerebral something or other. He didn't suffer.
Posted by Lowly Assistant , May 14, 2009 3:12PM
Is it true that Snake and Bess are going together?
-Disheartened in Downtown
Posted by guest , May 14, 2009 3:15PM
How big is FIG?
40-60 bankers?
Is it real IB or like BA/Citi/DB with corp. commercial bankers thrown in to co-cover?
Posted by guest , May 14, 2009 3:17PM
I did have cookies in mind indeed
- Def # 2
Posted by guest , May 14, 2009 3:19PM
@23 Lowly.
We're working on those 27 mini snakes. She hasn't said she loves me, yet ...
l8r
-- Snake Plissken
Posted by guest , May 14, 2009 3:25PM
@ 22. How do you know?
Posted by guest , May 14, 2009 3:27PM
@27- b/c it's a joke?
Posted by guest , May 14, 2009 3:33PM
@ 28. Wow, it's hilarious. go back to taiwan
Posted by guest , May 14, 2009 4:05PM
How FIG guys not be making money given all the government work:stress tests, TALF,PPIP,RALPH MALF etc
Posted by ccs , May 14, 2009 4:13PM
@30 B/C only Goldman's being consulted.
Posted by guest , May 14, 2009 4:20PM
i work in tmt at jpm and my best friend is dead... deal toy thrown at her head. she was a beautiful woman.
The Goy From Delaware
Posted by guest , May 14, 2009 4:31PM
30
TARP hates JPM
Most Banks (FIG Clients) dont want to be advised by a competitor (JPM)
In good times it all works like a circle gang-bang, in bad times...well you know
Posted by guest , May 14, 2009 5:13PM
33
Thats bollocks, jpm has been on every FIG deal since the crisis began.
Posted by guest , May 14, 2009 7:12PM
34, yes subsized deals (like Bear), most at a loss....
Posted by guest , May 14, 2009 7:23PM
no he's right...they underwrote a lot of deals too. I hear that jpm fig is top 3 (whatever that means these days)
Posted by guest , May 14, 2009 8:58PM
@35 How about Wells Fargo?
Posted by guest , May 15, 2009 12:12AM
@36 Who are in the top 5 concerning FIG groups?
Posted by guest , May 15, 2009 8:17AM
@31. JPM FIG has actually been the top performing shop over the past 12 months. I think the fees on last week's Wells deal alone were around 85mm. Not to mention wells/wachovia, nat city/pnc, and multiple cap raises. Word came down that everyone had to cut, so everyone cut.
Posted by guest , May 15, 2009 8:51AM
god knows they're cutters
Posted by guest , May 15, 2009 10:24AM
Who have the top 3 FIG shops this year?
Posted by guest , May 15, 2009 11:05AM
@39 - stop drinking the jpm cool aid. loser
Posted by guest , May 15, 2009 5:20PM
I heard it fell on 1st-2nd years. 2-3 in Hou nat resources. One guy on my account.
Posted by guest , May 15, 2009 11:44PM
First years were not spared
~HR Subhuman
Posted by guest , May 20, 2009 12:02AM
@42 kool aid?... just correcting inaccurate information...suck a dick.