• 16 Dec 2011 at 12:59 PM

Dick Bové: Everyone Is Getting Fired

Over the past six months or so, Wall Street has laid off a whole bunch of people. Unfortunately, having a job at this very moment does not mean you will 3 months hence. More cuts are a’ coming and according to Rochdale analyst Dick Bové, a lot more. What kind of numbers is he talking about? Let’s see. Morgan Stanley said yesterday that come 2012, 1,600 employees will be relieved of their responsibilities to the firm. Citi is getting rid of 4,000. RBS will be letting a buch of staff go, too, though the Brits have not said how many. Let’s assume a few other firms will add a couple thousand bodies to the count. How many did you get? ‘Cause after carrying the one, Bové estimates “at least another 150,000 will be fired in 2012,” and while no, he won’t show his work, he will tell you this: the government is loving this.


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Job Losses [PDF]

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Comments (95)

  1. Posted by Guest | December 16, 2011 at 1:06 PM

    What a Cassandra…

  2. Posted by guest | December 16, 2011 at 1:20 PM

    I now feel much better about my decision to change my major to History of Gender Studies

    – Harvard class of 2014

  3. Posted by Matt | December 16, 2011 at 1:25 PM

    Those moist hobbit lips never get old.

  4. Posted by HungryIntern | December 16, 2011 at 1:26 PM

    Dick, how the hell do you have a job?

    ~the 2011 unemployed

  5. Posted by finanazi | December 16, 2011 at 1:31 PM

    Is it just me, or does everyone on wall street hate democrats?

  6. Posted by B2b MD | December 16, 2011 at 1:35 PM

    I think Dick has spent too much time in the vice/paint mixer contraption.

  7. Posted by senor_chistes | December 16, 2011 at 1:35 PM

    “and the plague will hit all wall street boutiques before you even know it!…Wait a minute…”

    -D. Bove

  8. Posted by Guest | December 16, 2011 at 1:42 PM

    If Dick Bove fell in the forest and thousands are around to hear it, does it make a noise?

  9. Posted by Fixed Income | December 16, 2011 at 1:55 PM

    He is so irresponsible. I hate it when analysts make outlandish predictions.

    – M. Whitney

  10. Posted by PermaGuestII | December 16, 2011 at 1:57 PM

    Just you.

    -co-signed,
    J. Dimon
    G. Soros
    M. Lasry

  11. Posted by Closet Quant | December 16, 2011 at 2:05 PM

    I've got it on good authority that Mark's a closet conservative, apparently it runs in the family.

  12. Posted by Guest | December 16, 2011 at 2:12 PM

    Obama has raised more from the street than the eight Repubs combined

  13. Posted by Guest | December 16, 2011 at 2:20 PM

    Duh – the incumbent always does

  14. Posted by average guy | December 16, 2011 at 2:39 PM

    its a shame that the 150,000 folks who didn't cause the problem will be gone, and the C-suites and BOD's will party on like it's 2005

  15. Posted by Guest | December 16, 2011 at 2:46 PM

    I believe it's does "she" make a noise.

  16. Posted by Deleveraging | December 16, 2011 at 2:56 PM

    As much as you hate to admit it; he's right. In the meantime you have all these assholes piling into Credit Unions. If Lehman was a Credit Union it would still be in business and with a AAA rating.

  17. Posted by Guest | December 16, 2011 at 3:02 PM

    I'll take the over on 150,000.

    –Brian Moynihan

  18. Posted by Guest | December 16, 2011 at 3:10 PM

    Which one is the incumbent?

    – UBS Big Word Quant

  19. Posted by guest | December 16, 2011 at 3:22 PM

    It's 1999 – duh

    UBS Let's Go Crazy Quant

  20. Posted by Dick Bove | December 16, 2011 at 3:30 PM

    UBS is garbage

  21. Posted by Guest | December 16, 2011 at 3:35 PM

    vise

  22. Posted by Guest | December 16, 2011 at 3:49 PM

    Just you

    – mail room (enter firm's name)

  23. Posted by Warburg Dinkus | December 16, 2011 at 4:01 PM

    God bless you, Bess! Your articles are so concise and to the point! Can you please filter Matt’s rambling bullshit before publishing it???

  24. Posted by jumbo | December 16, 2011 at 4:15 PM

    So the argument that creative destruction of one industry will allow labor and capital to find their way to more productive and lucrative sectors of the economy don't apply when it's the financial sector itself that is the target?

  25. Posted by Guy with A.D.D. | December 16, 2011 at 4:15 PM

    Is he having a problem paying his electric bill?

    -Guy who is stuck starring at the silhouette of the giraffe next to the monitor in the picture

  26. Posted by TheDetailGuy | December 16, 2011 at 4:46 PM

    Anybody heard what the numbers are for first year analyst's at Lower East Side Peoples Credit Union?

  27. Posted by LaQuant a | December 16, 2011 at 4:57 PM

    my npaents are paying all that

  28. Posted by guest | December 16, 2011 at 5:00 PM

    Exactly. Which is why Zynga and Groupon are hiring Social Media quants.

  29. Posted by LaQuant a | December 16, 2011 at 6:51 PM

    theyre not paying me for this

  30. Posted by LaQuant a | December 16, 2011 at 6:54 PM

    Where is mexicant ?

  31. Posted by Laura Powell | December 16, 2011 at 7:02 PM

    wait .. what ?

  32. Posted by signals | December 17, 2011 at 10:53 AM

    we have credit unions as an accumulate
    for now.

    UBS Riskmun

  33. Posted by Jeff Hoffman | December 17, 2011 at 12:29 PM

    Everybody in Washington is clamoring to claim credit for 150k jobs lost during an election year. Just give them more money and they'll do as told.

    Dick, if I can call you that, you really haven't felt pain until you've had to cut back on the frequency the Mexicans trim your 20 ft South Hampton hedges.

    As far as that picture is concerned, the blinds can be shut a little tighter and that light can go off. We'll let you know when it's safe to come out, probably sometime after the holidays.

    A

  34. Posted by ReaganLaw | December 17, 2011 at 12:59 PM

    Eh, a lot of big dicks are putting their money behind the Mitter. Maybe it's a mormon thing?

  35. Posted by nachocheese | December 17, 2011 at 6:50 PM

    This idiot liked BAC in the 30s…they day they fire him, buy the banks…it will be the ultimate turnaround indicator…how the hell does this dolt get a paycheck? How much has he LOST investors this year alone?

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