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Wachovia Adds Element Of Surprise To Layoffs

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Wachovia was rumored to have begun laying off employees in its Charlotte investment bank yesterday afternoon, and apparently the cannings have spilled over into today. What's taking so long? The only explanation we can come up with is that, having heard about Goldman and its ante-upping approach to firings, the higher-ups at WB realize they needed to get creative if they're ever going to crack the top five in Layoff League Tables. According to someone familiar with the proceedings, the head of IB sent out an email this morning saying that "if you are there after 4:30, you are okay." And if you're asked to go investigate a suspicious noise, or lose your virginity during the film? Not okay! Oh, and severance is supposedly 4-5 months salary plus full bonus.
Earlier: Layoffs Watch '08: Wachovia