Layoffs

  • News

    Layoffs Watch ’12: Bank Of America

    The aforementioned layoffs are said to begin this week.

    “FYI: BofA cuts are expected to start Thursday, thought to be 20% across the board in IB. All levels affected but with 2nd and 3rd year VPs who are not going to make director, of which there is a glut, hit especially hard. If you’re a first year VP (without acct coverage responsibilities), you’re probably going into the superpods.”

    / May 8, 2012 at 11:56 AM
  • News

    Layoffs Watch ’12: Bank Of America

    In April 2010, Bank of America said ENOUGH. Enough with this losing of money business. We want to know what it’s like to have a quarter in which we actually make a little– wouldn’t that be something? As this was a very lofty goal for the firm, the higher-ups knew they had to get serious– really focus and hone in an on plan of action. First, they gave their new (money-making) mission a special codename: Project New BAC. Then, 44 executives “fanned out around the company to ask employees low- and high-level for ideas on how BofA [could]…reduce expenses.” As we now know, what they came up with re: the reduction of expenses was that 30,000 people should be fired and over the last year, exactly that has happened. And even though a whole bunch of senior people have quit, which has helped the bottom line a bit, it hasn’t been enough for meddlesome investors to put a sock in it re: “reining in expenses” and “profit outlook” in general. So, a couple things are going to happen: 1. A whole bunch of well-paid* bankers are going to be escorted out of the building and 2. In order to pick up the slack left, clusters of junior bankers are going to put in a van which will drop them off in whatever division needs them most at the time.

    The Charlotte, N.C., company is planning about 2,000 staff cuts in its investment banking, commercial banking and non-U.S. wealth-management units, said people familiar with the situation. Those operations were vastly expanded with Bank of America’s 2009 purchase of Merrill Lynch & Co. The reductions are significant because of whom they target: the high-earning employees whose efforts helped Merrill Lynch account for the bulk of Bank of America’s profit since the financial crisis. The cuts come on top of a plan announced last year that will see Bank of America eliminate 30,000 jobs over three years in its consumer banking divisions…The No. 2 U.S. bank by assets already is facing a wave of high-profile defections in its institutional businesses, such as investment banking, amid Wall Street’s annual post-bonus job-hopping season. The upheaval comes as investors are pressuring banks to rein in expenses without giving ground competitively. Despite a 46% rise this year, Bank of America shares have lost a third of their value in the past year, amid questions about the industry’s profit outlook.

    Cutbacks aren’t Bank of America’s only response to surging costs. The bank is loath to cut too deeply in businesses, such as the fixed-income trading operation, that are showing improvement and highly competitive. One structural shift being planned will pool junior investment-banking employees across different industry sectors so the younger bankers can be routed to whatever area is most in demand at that moment, said people familiar with the situation. Proponents say that move will help younger workers gain more experience, while others say it will detract from the bank’s service to clients.

    BofA To Cut From Elite Ranks [WSJ]

    *For BofA.

    / May 1, 2012 at 10:27 AM
  • News

    Layoffs Watch ’12: Credit Suisse

    Cuts are going down at the House of Dougan today.

    From the front lines:

    “Layoffs started at Credit Suisse this morning, across the investment bank. All levels affected, including a good amount of senior guys.”

    Apparently these reductions are part of a round cuts announced last year and were to be expected (though the “let’s have a chat” from HR this morning may still have been a slight surprise for those being asked to take a seat).

    / Apr 24, 2012 at 11:44 AM
  • News

    Layoffs Watch ’12: Investment Bankers, Everywhere

    Gird your loins.

    Having already slashed bonuses, banks including Citigroup, Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, are preparing to cut dozens of jobs, including some held by senior bankers, according to people familiar with the matter. As they pursue this targeted round of trims as soon as next month, they and rivals are also revisiting profit expectations for their advisory businesses, people familiar with the matter said. Until recently, Wall Street’s ax had largely fallen on trading desks, which shed thousands of jobs as business dried up due to regulations and lackluster markets. But the cost-cutting focus is now expanding to deal makers and corporate advisers that have remained among Wall Street’s most high-profile professionals even as their contributions to banks’ bottom line has been dwarfed by traders. In addition to mergers-and-acquisitions advisory, investment banking includes raising capital through stock and debt.

    Wall Street Gets Lean [WSJ]

    / Apr 23, 2012 at 1:58 PM
  • News

    Layoffs Watch ’12: Bank Of America

    …needs a few more years to get through its “cost-cutting initiative.”

    Head count dropped by 3,000 from last quarter, the bank said today. Bank of America this quarter entered the second phase of “Project New BAC,” its companywide cost-cutting initiative, targeting a $5 billion reduction in spending by the bank by the end of 2014. Some of that will come from job cuts, the bank has said, as it plans to reduce the number of positions at the bank by 30,000 over the next three years…The current phase of New BAC will be focused on saving money in its commercial banking, global wealth and investment management, world-wide corporate banking, global markets and some support functions. The spokesman could not confirm that future reductions will be limited only in these businesses, as “some of the ideas that came from Phase 1 will take a number of years to implement.”

    [FINS]

    / Apr 19, 2012 at 2:50 PM
  • News

    Layoffs Watch ’12: Credit Suisse, Maybe

    The Swiss bank might cut 5,000 employees or it might not.

    / Apr 16, 2012 at 10:37 AM
  • News

    Layoffs Watch ’12: Barclays Capital

    Cuts are said to have begun today across the pond.

    FYI: ‘Consultation process’ (job cuts) at BarCap London start this week. No indication of scale. Same day as [UK governance watchdogs] PIRC and ABI put firm on Amber Top alert due to exec compensation… troops not happy.

    / Apr 11, 2012 at 11:53 AM
  • News

    Layoffs Watch ’12: Bank Of America

    On the one hand, Brian Moynihan et al plan to cut staff next month, which hurts. On the other, they’ve been firing off warning signals that employees may want to explore their options elsewhere, so that’s nice.

    “Ahead of expected cuts at the House of Moynihan in the Apr-May timeframe, a lot of juniors are being pulled into conference rooms and told it might be in their interest to “reach out and have a chat” with other groups. Reshuffling and reallocation are well underway. No rhyme or reason as far as we can tell regarding why some analysts and associates are being nudged and others aren’t (some top bucketed guys got nudged, and some bottom feeders got nudged as well).”

    / Mar 30, 2012 at 5:58 PM
  • ubszurich2-260x195

    News

    Layoffs Watch ’12: UBS

    The Swiss are not yet done with their firings.

    “FYI, layoffs going down right now in IBD at UBS as well.”

    / Mar 29, 2012 at 2:50 PM
  • UBS

    News

    Layoffs Watch ’12: UBS

    Cuts are said to be going down circa now.

    “FYI: UBS is letting people go on the sales and trading desk today. At least three senior guys have been let go so far this morning, with more on the way.”

    / Mar 28, 2012 at 12:08 PM
  • News

    Layoffs Watch ’12: JPMorgan

    The House o’ Dimon has said to be letting some people down gently today.

    “Big equities cuts today at JPM. 10% ish of floor? Gone. A good deal of senior people but a smattering of associates and analysts as well. Seems like a general restructuring, every group affected.”

    / Mar 20, 2012 at 2:00 PM
  • News

    Layoffs Watch ’12: Bank Of America

    Project New BAC continues at apace.

    “Cuts going down this morning in all areas of BofA equities. MDs and directors so far.”

    / Mar 19, 2012 at 10:52 AM
  • News

    Layoffs Watch ’12: Macquarie

    Cuts are said to be coming next week.

    “FYI: Layoffs next week at Macquarie in New York, mostly at the SVP and MD level, right before their FY-end. Not much in terms of bonus pool given weak deal flow.”

    Related(-ish): Macquarie Bank Miranda Kerr Enthusiast On A Time Out ‘Til Superiors Decide What To Do With Him

    / Mar 15, 2012 at 10:46 AM
  • News

    Layoffs Watch ’12: Barclays

    Cuts are said to have gone down in Bob Diamond’s den yesterday.

    “FYI: layoffs yesterday at Barclays Capital. Lev Fin was hit hard (though Barclays was nice enough to do the cuts after bonuses were handed down, in addition to giving 1-month’s pay).”

    / Mar 2, 2012 at 10:51 AM
  • bradydougancreditsuisse

    News

    Layoffs Watch ’12: Credit Suisse

    Cuts are coming to the House of Dougan next month.

    / Feb 24, 2012 at 11:58 AM
  • philandlisafalcone

    News

    Layoffs Watch ’12: Phil Falcone’s Passion Project Forced To Make Difficult Decision

    Those affected should take heart knowing it’ll all be worth it in the end.

    / Feb 21, 2012 at 6:43 PM
  • News

    Layoffs Watch ’12: JPMorgan

    Cuts are said to be going down tomorrow.

    / Feb 15, 2012 at 4:28 PM
  • News

    Layoffs Watch ’12: RBS

    If it makes the canned feel any better, this is harder on them that it […]

    / Feb 10, 2012 at 10:46 AM
  • News

    Layoffs Watch ’12: GE Capital

    “100+ got clipped this week in the Real Estate finance group.”

    / Feb 3, 2012 at 1:37 PM
  • News

    Bonus/Layoffs Watch ’12: Barclays

    The bonus is you get to keep your job:

    / Feb 2, 2012 at 6:11 PM
  • News

    Layoffs Watch ’12: UBS

    Remember when UBS management announced they’d internally come to the conclusion they aren’t so great […]

    / Feb 2, 2012 at 12:54 PM
  • News

    Layoffs Watch ’12: Credit Suisse

    The cuts won’t go down until the spring, so just something to keep in mind.

    / Jan 31, 2012 at 6:55 PM
  • News

    Layoffs Watch ’12: Bank Of America

    BofA may not yet be done implementing all the ideas Team Project New BAC came […]

    / Jan 30, 2012 at 4:13 PM
  • News

    Layoffs Watch ’12: BarCap

    Cuts are said to have gone down at the House of Diamond.

    / Jan 27, 2012 at 1:41 PM
  • Banks

    Layoffs Watch ’12: JPMorgan

    Cuts are said to be going down at the House o’ Dimon.

    / Jan 25, 2012 at 12:40 PM
  • News

    Layoffs Watch ’12: Jefferies

    Apparently a bunch of employees have been notified their services to the firm are no […]

    / Jan 20, 2012 at 4:33 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    Cuts are said to have gone down over the past two days.

    / Jan 18, 2012 at 6:56 PM
  • Banks

    Layoffs Watch ’12: Bank of America

    The aforementioned cuts continue, today reaching the newest residents of the House of Moynihan:

    / Jan 17, 2012 at 12:25 PM