Banks are practically begging each other to take their employees. Bank of America was so desperate to find jobs for its employees that it invited rival Citigroup to a job fair to interview employees, according to an executive…The bank is aiming to cut more than 4,000 jobs in the fourth quarter and already notified about 1,200 employees this week that they were being let go, people familiar with the matter have said. Executives say they are trying to find other options for their workers. BofA to Citi: Take Our Employees [WSJ]
On the subject of job cuts, employees would put themselves at ‘very pissed’ on the not pissed to really pissed scale. Read more »
Cut are said to have gone down at the kingdom. Read more »
The House of Moynihan has had to cut ties with some of its own. Read more »
Lesson #3: Everyone loves a catchy tune.
According to a report from Reuters, SAC Capital has laid off “a dozen marketing and sales people,” a move that makes sense in light of the fact that the firm is fast headed towards family office status, leaving little/no need for staffers to pitch outside investors. (The ones who held onto their jobs were presumably retained to target the couple of Cohens who need convincing.) In related news, Millenium Advisors has crossed a line in the sand. Read more »
The UK firm’s decision to cut 1/3 of its staff is said to be part of a “strategic” plan to stop losing money. Read more »