As you may have heard, various banks will be laying off a handful of employees in the coming weeks and months. Barclays, UBS, and Credit Suisse have already gotten started, and Goldman let go of some staff yesterday with plans to cut more in the future. While the news is surely distressing to those it directly affects, there are probably some people, who remained gainfully employed, that believe it's no big deal. What does Rochdale analyst Dick Bové think? Spoiler alert: he's not gonna mince words.
From: Richard Bove
Date: Thu, 30 Jun 2011
Subject: Dick Bove's Notes: Job Loss
The jobs being lost in New York’s financial industry will never come back.
Richard X. Bove
Sorry if you thought he was going to sugarcoat, which, if you know anything about Dick, you know he would never, under any circumstances, do. People come to him for no nonsense no frills exchanges of information and that's what they get.
And speaking of real talk, either Bove was trying to give Citi some of that with the below stated stock price, or he got confused in a stack of papers in his den.
Cutting Back [PDF]