• 30 Jun 2011 at 3:33 PM

Dick Bové: Lost Finance Jobs Are Gonna Stay That Way…FOREVER

By Bess Levin

As you may have heard, various banks will be laying off a handful of employees in the coming weeks and months. Barclays, UBS, and Credit Suisse have already gotten started, and Goldman let go of some staff yesterday with plans to cut more in the future. While the news is surely distressing to those it directly affects, there are probably some people, who remained gainfully employed, that believe it’s no big deal. What does Rochdale analyst Dick Bové think? Spoiler alert: he’s not gonna mince words.

From: Richard Bove
Date: Thu, 30 Jun 2011
Subject: Dick Bove’s Notes: Job Loss

The jobs being lost in New York’s financial industry will never come back.

Richard X. Bove

Sorry if you thought he was going to sugarcoat, which, if you know anything about Dick, you know he would never, under any circumstances, do. People come to him for no nonsense no frills exchanges of information and that’s what they get.

And speaking of real talk, either Bove was trying to give Citi some of that with the below stated stock price, or he got confused in a stack of papers in his den.

Cutting Back [PDF]

Comments (21)

  1. 1
    Posted by Guest | June 30, 2011 at 8:37 PM

    Fuck your face Bove.

    -Ex UBS Branch Manager

  2. 2
    Posted by Anal_ist | June 30, 2011 at 8:44 PM

    Man does that guy have an appropriate first name. By the way, could someone please teach him how to dress please? Even a professorial Jim Grant look would be better than that joker’s 1970s color/pattern matching.

  3. 3
    Posted by Richard "Dick" Fuld | June 30, 2011 at 8:45 PM

    I’m still the bigger Dick, no matter how HARD you try

  4. 4
    Posted by Respect | June 30, 2011 at 8:55 PM

    Hey Dick! Next time you’re in New York, come meet me at Dorrians. Bring a picture of my wife and kids whom I still need to support so I know it’s you.
    I’ll punch you in the face so you’ll know it’s me.

    -Operations employee of (Bulge Bracket Bank Name Here)

  5. 5
    Posted by Dick Bove | June 30, 2011 at 9:04 PM

    maybe you’d be able to support you family if you didn’t suck at your job.  Send me a picture of your wife, you can keep the kids

  6. 6
    Posted by 25th Hour Trader | June 30, 2011 at 9:10 PM

    New York’s loss is Stamford’s gain.

    - Stamford Honda Dealer

  7. 7
    Posted by Guest | June 30, 2011 at 9:16 PM

    Send me the kids’ pic please.

    - Epstein

  8. 8
    Posted by NY | June 30, 2011 at 9:17 PM

    A worthy argument, I don’t actually work in Ops but as a native New Yorker I’d rather see the jobs stay here (rational economics be damned). I’ve met plenty of incompetent back office folk but most of them already got the axe. BTW do you kiss your wife with that mouth? She landed a real prince.

  9. 9
    Posted by Boveywood | June 30, 2011 at 9:21 PM

    All this valuable commentary from a guy working out of his house in Florida with a C tier firm

  10. 10
    Posted by Guest | June 30, 2011 at 9:26 PM

    To be replaced with a roomful of me and my brothers. Well spotted, Dick.

    -Watson

  11. 11
    Posted by Guest | June 30, 2011 at 9:43 PM

    Not “finance jobs” but his job in finance.

    Guy who’s sick of all the doom and gloom baby boomers who believe its the end of the world because its the end of theirs.

  12. 12
    Posted by MerchantRefugee | June 30, 2011 at 9:48 PM

    I blame Dick Bove for sinking Bear Stearns.  I would much rather have continued working for the Chief Reefer Smoker than JD.

  13. 13
    Posted by lax BRO | June 30, 2011 at 9:54 PM

    Flowing from Public Banks to hedge funds babyyyyy, Prop tradings got to go somewhere. 

  14. 14
    Posted by Guest | June 30, 2011 at 9:54 PM

    Typical dick has to one-up Meredith on her Harold Camping prophesy. Who cares much about the muni=bond market but we all care very much about our own jobs. Makes you forget about Meredith and pay attention to Dick.

  15. 15
    Posted by Fan of above Guest | June 30, 2011 at 9:59 PM

    Phenominal!

  16. 16
    Posted by Non-Entity Hedge Fund Manager | June 30, 2011 at 10:14 PM

    Had you not capitalized ‘hard,’ this comment might have been above threshold for a coveted “i see what you did there” reply.

  17. 17
    Posted by Guy Who Makes Proclamations | July 1, 2011 at 12:26 AM

    Dick Bove is the Robert Goulet of Wall Street.

  18. 18
    Posted by Brooklyn Bully | July 1, 2011 at 1:33 AM

    Jobs not going to Stamford pal more like across the pond. Kiss your sweets asses good bye New York bankers! I love technology a monster and a friend all wrapped up in one.

  19. 19
    Posted by Brooklyn Bully | July 1, 2011 at 1:40 AM

    C tier firm or not you can run a 100 billion fund on table now, you got love technology a monster and a friend all wrapped up in one. If these people are any good at trading they will be okay, but bank traders returns are crap without unlimited capital. Look at what’s his face that left Citi to trade for Occidental Petroleum, fail!

  20. 20
    Posted by Guest. | July 1, 2011 at 1:41 AM

    I do treasure the whiny persecuted tone.  Yes, Dick, those regulations have been instituted *in order to* reduce revenue – not because you proved utterly unable to regulate yourselves and enacted predatory and despicable behaviors.  You  operate as part of a society.  That society governs to avoid excess.   This is a petulant teen flopping onto the bed about how unfair it all is.

    And learn to Goddamn write.   “A myriad set”. 

  21. 21
    Posted by Citicorp Shareholder | July 1, 2011 at 12:23 PM

    As long as we’re ragging on writing styles, “…enacted predatory and despicable behaviors.”

    Do you mean that we were assholes?
     

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