• Layoffs

    Layoffs Watch ’11: Care To Up The Ante?

    As you may have heard, Wall Street is set to lay off thousands upon thousands of financial services employees over the next several months. This is truly saddening and our condolences go out to those who will be without work for whoever knows how long. Having said that, one thing we constantly hear complaints about […]

    / Oct 3, 2011 at 3:10 PM
  • Layoffs

    Layoffs Watch ’11: Bank Of America Actually Cutting 30,013

    Earlier this month, Bank of America announced that it’d be laying off 30,000 employees, as part of a program designed to help the firm make/not lose money called Project New BAC. It’s not that Brian Moynihan et al wanted to let these people go, but thanks to decisions by his predecessors including but not limited […]

    / Sep 20, 2011 at 4:31 PM
  • Layoffs

    Layoffs Watch ’11: Bank Of America

    Cuts apparently continued at Moyhinan’s House of Fun yesterday.

    / Sep 16, 2011 at 12:17 PM
  • Layoffs, Lehman

    Lehman To Cut 1000 1500 Jobs

    For the last two weeks we’ve been hearing rumors of layoffs at Lehman. Last week people at Lehman were saying that layoffs were expected to come this week, before the Labor Day holiday. Now Bloomberg is reporting that “people familiar with the matter” estimate that Lehman will cut as many as 1,000 jobs. The good […]

    / Aug 28, 2008 at 2:19 PM
  • Layoffs

    Are Fears Of Layoffs On Wall Street Hurting Productivity?

    Even as Wall Street’s storied investment houses struggle to get back on their feet, cost-cutting and layoffs may be hurting their ability to recover quickly from financial turmoil. Many of the best and the brightest have already seen the writing on the wall and lit out for brighter territory, while those left behind may be […]

    / Jul 21, 2008 at 12:57 PM
  • Layoffs

    Layoffs Watch 2007-2008: The Total Damage So Far

    No one on Wall Street believes the official economic data anymore. Jobless number, spending numbers and job creation numbers are consistently revised in ways that show economic reality to be more gruesome than the original numbers showed. Inflation seems to be calculated according a formula that nets out anything with higher prices. And now comes […]

    / Jun 2, 2008 at 1:27 PM
  • Layoffs

    Lay Off Watch 08: More Job Losses To Come

    Bloomberg sums up the total job losses from recent rounds of layoffs. The report comes with bad news and worse news. The bad news is that the job cuts add up to 3.3 percent of employees at 28 firms. The worse news: more are on the way. That’s significantly less than the market slump from […]

    / May 27, 2008 at 9:00 AM
  • JPMorganChase, Layoffs

    Layoffs ’08: Bloodbath in JP Morgan’s Structured Finance Group

    We’re told that layoffs began yesterday in the structured leverage finance group at JP Morgan. Yesterday heads rolled among the senior staff. Today junior people are feeling the axe-man’s blade, according to a source familiar with the matter.

    / May 22, 2008 at 10:55 AM
  • continuing education, Layoffs

    Layoffs Watchs: Standard and Poor’s

    From the files of the “maybe we never should’ve gotten into this in the first place” department: the RMBS group at the S&P has supposedly informed the would-be incoming Associate MBA class that their services are no longer required. Additionally, a “bunch” of research assistants, “some” MDs and one director have been downgraded from “career […]

    / May 21, 2008 at 10:07 AM
  • Layoffs, Morgan Stanley

    Layoffs Watch ’08: Peons Not The Only Ones Gettting Canned At Morgan Stanley

    CEO John Mack has reportedly been given the boot.

    / May 19, 2008 at 11:27 AM
  • Layoffs, UBS

    Layoff Watch 08: Round Two Of UBS Cuts

    Another round of layoffs at UBS is underway today, according to a person familiar with the situation. The asset management and wealth management units are said to be on the chopping block. Investment banking is also expecting cuts. Oddly enough, the municipal bond unit, which is reportedly set to be shuttered by UBS, has been […]

    / May 13, 2008 at 9:02 AM
  • Layoffs

    Jeff Martz’s 61-Day Career On Wall Street

    It’s a story that’s now all too familiar. A young Wall Street hopeful begins a promising career only to find that its been cut short by a sinking economy and Wall Street losses. Here’s how Jeffrey Martz begins telling his story to the readers of the New York Times business section. On Monday, Nov. 5, […]

    / May 6, 2008 at 1:21 PM
  • Layoffs

    City & State Budgets Divide On Wall Street Pessimism. Are Both Too Optimistic Anyway?

    Speaking of blind men, Governor Patterson’s budget office doesn’t think things on Wall Street will be that bad, at least compared to Mayor Bloomberg’s budget office.* Budgeteers in Albany and City Hall are both warning of fiscal calamity but Bloomberg’s are far gloomier than Patterson’s, the New York Sun reports. City officials are far more […]

    / May 6, 2008 at 12:50 PM
  • Layoffs

    Anatomy of a Layoff

    It seems my background check, part of my new-hire process, has pulled up some flags. My postings here on DealBreaker will, therefore, not appear in my name. Whoever that woman in the back office is, she won’t add my name to the system until the little issue with the FBI is resolved, so in the […]

    / Mar 26, 2008 at 5:42 PM
  • Goldman Sachs, Layoffs

    Goldman Quietly Warning Employees Of Another Round Of Layoffs

    Goldman Sachs, which announced this morning that it made $1.5 billion last quarter, has quietly been telling some employees to prepare for another round of layoffs. The job cuts are scheduled for mid-April, and will include some senior positions which have not been large cash generators, according to a person familiar with the matter. Goldman, […]

    / Mar 18, 2008 at 9:08 AM
  • Goldman Sachs, Hedge Funds, Layoffs

    GSAM Layoffs Seem About Right

    Goldman Sachs Asset Management recently fired about twenty people from two teams managing Global Alpha and Global Equity Opportunities and, according to Charlton Heston, the victims were the analysts who “do all the actual work,” as opposed to names slightly higher on the roster who, beyond being involved in poor day-to-day decision making, do jack […]

    / Mar 7, 2008 at 11:14 AM
  • Goldman Sachs, Layoffs

    Doesn’t *Quite* Answer Our Question But FYI, Goldman Is Letting People Out, If Not In

    A friend o’ the fired fills us in: “It’s more than just a hiring freeze – yesterday in IBD an MD, VP, and Associate were shown the door in Industrials and two Associates were canned in NR.”

    / Feb 27, 2008 at 11:05 AM
  • Layoffs, Lehman

    Layoffs Watch ’08: Fratricide

    Is Lehman Brothers cutting ten percent of its workforce investment banking staff, circa now? Could be. Also could not be, but we’re leaning more toward “could be” since firing people is de rigueur among the financial set at the moment. Sad, but at least shares of CROX are down 4.12%. Anyway, let us know what […]

    / Feb 21, 2008 at 2:35 PM
  • Bank of America, Layoffs

    Bank of America: You’re Fired. We’d Also Like To Point Out That Moving Forward, You Will Qualify For Food Stamps

    A recently laid off BoA analyst received the following message from her former employer. I don’t know if this sort of thing is common practice, and it’s unclear whether or not the note was serious or just an attempt to crack a joke in the midst of a tough situation (self-deprecating humor about how crappy […]

    / Feb 15, 2008 at 9:57 AM
  • Layoffs, UBS

    UBS Might Fire You, Or Might Not. Depends On How UBS F-ing Feels, K?

    Our favorite Swiss bank lost a ton o’ money and now a few people are saying layoffs are on the way, two of whom are employees hoping a last second admission of boyhood crushes on Adolf will save their asses (it would help if they could get their hands on a copy of a little […]

    / Feb 14, 2008 at 11:51 AM
  • Countrywide, Layoffs

    Layoffs Watch ’08: Rebukes of (Mo’) Hazard

    A former Countrywide employee informs us that Capital Market layoffs began this morning, with a 30-35 percent reduction in CMBS and 10 percent on the RMBS sales/trading desk. Packages were predictably weak (approximately 3 months on average with bonus allocations from 2007 ranging from 40-60 percent of the prior year, plus one free pass to […]

    / Feb 7, 2008 at 2:55 PM
  • Goldman Sachs, Layoffs

    Goldman Sachs To The Bottom 5: You Are The Weakest Link. Goodbye.

    We’ve gotten to the bottom of the rumors we were following up on this morning about the rumored layoffs at Goldman Sachs. It turns out our skepticism was justified. There have not been across the board cuts at Goldman, and certainly not the type of layoffs we’ve seen at places like Citigroup and Bank of […]

    / Feb 1, 2008 at 1:49 PM
  • Layoffs

    Quiet Layoffs At Cowen & Company

    We hear that Cowen & Company has quietly been making cuts to its investment banking units. Like many financials, shares of Cowen & Company have suffered tremendously in the past year. It is down 52% over the past 12 months, worse even than Bear Stearns. A source told DealBreaker that the investment bank had cut […]

    / Jan 30, 2008 at 8:43 AM
  • Bank of America, Layoffs

    Bank of America Layoffs Begin

    Layoffs have begun to hit Bank of America. On yesterday’s earnings call, Bank of America’s chief financial officer said that the bank is planning layoffs in its corporate and investment-banking unit. Now we are hearing reports from a variety of sources that the layoffs are underway. Last week, Bank of America announced it would cut […]

    / Jan 23, 2008 at 11:53 AM
  • Layoffs, Merrill Lynch

    Layoffs Hitting Merrill Lynch
    Fixed Income Blood Bath

    The much anticipated new round of layoffs of Merrill Lynch began this morning, according to people familiar with the matter. We hear that Merrill began firing people starting at 7 am on the trading floor. The deepest cuts have been concentrated in FICC. In all, 1,600 positions said to be on the chopping block. “Packages […]

    / Jan 3, 2008 at 1:56 PM
  • Layoffs

    Yeah Put It On IT, That’s Good. Everybody Hates Them Already, Anyway.

    About a year ago, management decided to fire a bad trader. Unfortunately, one MD thought that another MD fired him and the other MD thought that one fired him. So, no one told him. Then, one day, he shows up for work and his key card didn’t work to get into the building. He talked […]

    / Dec 18, 2007 at 3:17 PM
  • Citigroup, Layoffs

    Layoffs Watch ’08 Update: Citi CDO In ’07

    Specifically today, and apparently “almost everyone” in New York, which we’re told means more than forty. At this time I would like to offer our condolences to the recent unemployed, but move that we use this opportunity to recall that yesterday, I said we needed to get more creative with how people are getting fired. […]

    / Dec 18, 2007 at 2:52 PM
  • Layoffs

    If We’re Going To Do This, Why Not Have Some Fun With It?

    I can’t be the only one who read the article in today’s Wall Street Journal about a group of competitive knitters who are currently engaging in an Assassin-like game but with needles and yarn and thought: 1. Is it possible that this is only appearing on Page One in my copy? 2. The day I […]

    / Dec 17, 2007 at 5:00 PM

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