Just saw this:
http://dealbreaker.com/2012/01/layoffs-watch-12-bank-of-america-2/
Anyone have any info on numbers or which offices?
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Any idea which group it was?
Layoffs Watch - BofaA (Originally Posted: 09/10/2011)
http://dealbreaker.com/2011/09/layoffs-watch-11-bac/#more-52300
watch out bankers, it seems as if its not just sales & trading people being impacted---wonder how this shakes out
“Re: yesterday’s massive layoffs- DCM, converts, banking, Corp fin hit particularly hard. Across analysts through Directors.
Middle Market / Dual Coverage... have a friend that works there that told me they cut the whole group. A lot of the analysts are getting moved to M&A and other groups, while senior guys are out. They also cut the whole Dallas IB office.
How do you think this affects FT hiring? Why would banks layoff experienced people and hire new graduates? (I can think of some reasons- but its not very convincing)
The turmoil in the market and banking system has put most BB banks on hiring freezes for this recruiting season. It's not looking good for those trying to break in via FT recruiting. Many asset management shops and hedge funds are also scaling back on hiring as well.
Are they moving the Dallas IB group to the Equites team??
...sorry, I had to do it.
BAML Layoffs and overall hiring down (Originally Posted: 09/24/2010)
And so it begins... I've heard rumors of 5-8% of cap markets employees, which seems like a healthy chunk. I've also heard of hiring freezes are a variety of firms... seems like the job market is softening .
Bank of America Layoffs Coming: Report
Dan Freed 09/21/10 - 04:37 AM EDT Updated from Monday, Sept. 20 NEW YORK (TheStreet) -- Bank of America (BAC) is preparing layoffs in its capital markets business, according to a report by Charlie Gasparino of Fox Business.
Managers in certain "profit-challenged areas" have been told to cut about 5% of staff, according to the report. A call to global markets chief Tom Montag and an email to bank spokespeople were not immediately returned.
The New York Times reports the layoffs are expected to affect several parts of Bank of America's investment banking unit, including areas like equity and fixed-income trading and investment banking.
The Times says several hundred jobs in the investment banking unit will be trimmed this week. The newspaper cited interviews with several employees.
Bank of America posted second-quarter trading revenue that, according to a Sandler O'Neill report in July, "were well below our already reduced estimates." The 55% sequential decline in investment bank trading revenue compared to declines of 36% at Citigroup(C) and JPMorgan Chase(BAC), the Sandler report stated.
But Bank of America executives aren't only ones bracing for bad news, according to the Fox report. It also states that Morgan Stanley(MS) senior executives have been warned they can expect bonuses that are "sharply lower" from last year. New CEO James Gorman has already vowed publicly to reign in pay at the bank, that was higher than most peers last year by certain measures. A Morgan Stanley spokesman had no comment.
Gasparino also writes that Goldman Sachs (GS) bonuses could drop 10% from last year. Goldman spokesmen did not immediately respond to an email message.
-- Written by Dan Freed in New York.
What does the Equites team do?
... sorry, I had to do it... haha...
BAC ticker is attached to JP Morgan.
Who an idiot make this kind of mistake? Rookie?
Looks like you could also use an editor. "Who an idiot..."?
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