Layoffs Watch '09: Bank of Amerillwide

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Merrill has apparently converted itself into a slaughterhouse this morning, with "rates getting annihilated." Regarding yesterday's BoA cannings, a bit more color:

Cuts were made at VP and above level in IB and Capital Markets. Associate and Analyst cuts will take place in another two weeks in February.
The cuts were pretty deep especially in investment banking. For example, in the Media & Telecom IB group, only 3 MDs are left out of the officers (Rick Swift, Jim McVeigh, Kate Brown), all other VPs, Principals, MDs are cut entirely. For REIB, both Charlotte and San Fran's officers were decimated. All VPs and above were cut except Ron Sturzenegger and the senior guy in Charlotte, some were offerred positions in NYC. In other industry groups, the story is the same, Healthcare cut at least 12-15 officers, Tech cut 8-10, other groups all had similar 40% cuts or above for officers. The Associates and Analysts are just awaiting their fate, dismayed that loyal BofA employees who built the securities business are cut for ML'ers who will leave in a heartbeat if they can, a redux of the Montgomery securities transaction.
In Capital Markets, leveraged finance is cut deep, at least 25 people so far among officers, with more possibly later this year.
BofA associates are really angry at Ken Lewis and the ML transaction is proving to be disastrous on so many levels...we are all hoping he trip over his own ego and stupidity this year and get booted, as he richly deserves.

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