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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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95 Responses to “Dick Bové: Everyone Is Getting Fired”

  1. Guest says:

    What a Cassandra…

  2. guest says:

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

    – Harvard class of 2014

  3. Matt says:

    Those moist hobbit lips never get old.

  4. HungryIntern says:

    Dick, how the hell do you have a job?

    ~the 2011 unemployed

    • LaQuant a says:

      theyre not paying me for this

    • nachocheese says:

      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?

  5. finanazi says:

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

  6. B2b MD says:

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

  7. senor_chistes says:

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

    -D. Bove

  8. Guest says:

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

  9. Fixed Income says:

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

    – M. Whitney

  10. average guy says:

    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

  11. Deleveraging says:

    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.

  12. Guest says:

    I'll take the over on 150,000.

    –Brian Moynihan

  13. Dick Bove says:

    UBS is garbage

  14. Warburg Dinkus says:

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

  15. jumbo says:

    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?

  16. Guy with A.D.D. says:

    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

  17. LaQuant a says:

    my npaents are paying all that

  18. LaQuant a says:

    Where is mexicant ?

  19. Jeff Hoffman says:

    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

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