As previously mentioned, layoffs went down at Bank of America Merrill Lynch earlier this week with the investment banking industry groups' Associates and VP's getting "hit hard." Additionally, a round of cuts is said to have taken place in Tom Montag's capital markets arm. Layoffs are, of course, of a terrible thing, generally filled with depression, confusion and self-doubt, particularly if one gets the boot in a not so great job market. Bank of Amerillwide employees who got the ax this week are predictably going through all those emotions, though in their case, suffering an indignity perhaps even worse than not knowing where your paycheck will come from when the severance runs out.
FOX Business Network has learned that even as people started losing their jobs, the bank’s capital markets arm -- the same department targeted for many of the deepest cuts -- is scheduled to throw a lavish party tonight on the swanky rooftop bar in Manhattan, according to people at the firm. The firm’s research department, where BofA slashed 3% of its workforce yesterday, just as many were planning to attend tonight’s party. “It’s really sad,” said one executive who remains at the firm...The event is scheduled to be held tonight at a place called 230 Fifth Avenue, atop a 20-story skyscraper in Manhattan, which has been ranked among the best rooftop bars in New York.