..dealbreaker reported that all of BofA's research 1st years were laid off.
is that true? Good luck to everyone.
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It's true, got the text this afternoon from one of my buddies. 1/4 of first year IBD first years are gone also.
Major shit is going down there right now. Bloodbaths.
Heard the same - lots of guys young and old getting fired. A total mess.
I hope all you BofA people reading this are OK.
Anyone know if many of the BoA IBD MDs are getting fired?
vp at my firm, former boa employee, said most of his former colleagues at vp and md levels were cut. associate and analyst cuts will come in feb.
i find it surprising that someone said 1/4 of 1st years are done.
The one VP I know at BoA had told me he is OK. Scary stuff.
the majority of my deal team got laid off...one of the BofA analysts circed a new working group list and everyone is gone
I have also heard that this rumor about research is real. I wonder what this means to the incoming 2009 class. Anybody from MER of BAC know anything yet about their offers in research?
When analysts joined BofA in '08, they thought they were joining a safe, large, and if somewhat unimpressive firm. Now? A sign on the times.
Just my 2c.
My buddy that signed there has been worried about losing his job pretty much the second after he signed. It was no secret that it was risky to go into IBD at the time.
Just curious when you get canned like this, do you at least receive some kind of severance package, Like two months worth of pay, or are you completely screwed? Thanks!
it depends but most larger banks will give a severance and pay COBRA for awhile
i think the norm these days is 1-2 months severance; perhaps more if you have been there awhile
cobra i am not sure about
Just got the word that more BofA's are expecting to be laid off Feb 2. Not sure about the total amount expected to get the boot.
Heard this as well. I believe it's expected to be a lot of analysts and associates on that day as well.
In regards to the Feb 2 layoffs, is this directed specifically to research as well? Or are these for IB and S&T?
I heard from an IB analyst. Not sure about the others.
i was told by bofa that all mba recruiting for equity research was canceled for this year. i dont know if they were blowing me off, but i believe she was telling the truth.
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