Quitting Watch '13: Bank of America

A whole bunch of mini Moynihans are said to have left the building.

Author:: Bess Levin
Updated:: Jan 14, 2019
Original:: May 8, 2013

A whole bunch of mini Moynihans are said to have left the building.

"Mass exodus going on at BAML right now. Associates are incensed at working long hours and earning bonuses way below the Street (25k in some cases for first year associates). Case and point: the BAML Consumer and Retail group has hired 10 MBAs in the last 24 months and 9 of them have quit, including two last Friday...the group is in complete disarray, a common theme at the bank.

Cuts are said to have gone down at the House 'o Moynihan.

A few details from the House of Moynihan's IBD bonus communication day, which was said to leave people feeling "glum."

The House of Moynihan has said goodbye to a bunch of employees down under. Bank of America Merrill Lynch has begun a new round of job cuts in Australia, a person familiar with the matter told Deal Journal Australia, becoming the latest investment bank to cut costs amid light deal flow and sluggish equity markets due to the stuttering global economic recovery. Fewer than 10 staff from the bank’s equities sales and trading division have been let go, the person said, without elaborating further. Bank of America Merrill Lynch Cuts Staff in Australia [Deal Journal]