Dick Bové: Everyone Is Getting Fired

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Over the past six months or so, Wall Street has laid off a whole bunch of people. Unfortunately, having a job at this very moment does not mean you will 3 months hence. More cuts are a' coming and according to Rochdale analyst Dick Bové, a lot more. What kind of numbers is he talking about? Let's see. Morgan Stanley said yesterday that come 2012, 1,600 employees will be relieved of their responsibilities to the firm. Citi is getting rid of 4,000. RBS will be letting a buch of staff go, too, though the Brits have not said how many. Let's assume a few other firms will add a couple thousand bodies to the count. How many did you get? 'Cause after carrying the one, Bové estimates "at least another 150,000 will be fired in 2012," and while no, he won't show his work, he will tell you this: the government is loving this.


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When regular old bank analysts switch firms, people don't tend to make a big deal about it. Gardening leave is taken, contracts are signed, key cards are distributed, new business cards are printed. Sometimes you'll get an email address with updated contact information. That's usually it. Dick Bové, as you all know, however, is no regular bank analyst. Which is following his departure from Rochdale Securities, potential employers didn't interview him, he interviewed them, why his son/spokesman, Joe Bové sent out a press release announcing the final countdown to Bové Day, and why, when that blessed day arrived, it was celebrated with a three-course banquet and a little something called the Dick Bové Banking Manifesto.