BofA Ibanking

they can do anything.

for all these reasons and more, save your money lads.

Ya you might as well get out, t-broker

93% decline? 100 million in profits for the entire division?

Lot of people are getting laid off believe it...

AHAHAHAHA

remember though, tbroker "chose" to go to BoA.

I do not work at BoA...so I could not care less...check a response thread

You beat me to it. A similar article:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aLwipmmdQn6I&refer=…

Correct me if I'm wrong, but Kenny Boy didn't say he's right-sizing the GCIB.

He said he's "had enough fun." Which I bet most shareholders are saying about the fincos for now.

All it means is no acquisitions or anything crazy for a period of time. Not layoffs out of proportion w/ anything else on the Street.

$1.3 billion -> 100 million, quarter on quarter = heads will roll

...a hundred million for the entire division is hilarious. That's a good year for a small prop trading group with say 5 value-added employess not a whole division with hundreds of employees. Many, many people will be fired. If I was an employee there i would be actively looking for a job now. Also watch for Merrill who reports 10/24. Rumor has it they will anounce a huge mark-down on CDOs and job cuts between now and then or on that date. It's getting worse by the day people and wont end until a major firm goes out of business....

You're about a day late.

If what you're saying is correct I have 2 words for you: risk management. All the banks have obviously done poorly with this lately, but if some poorly constructed trades in one division accounts for most of the losses, that's worse to me than if the losses were broad across all departments...speaks to very poor management of risk.

I think at some point in everyone's career they encounter something like this that screws things up and is beyond their control. It just sucks that it is happening to some people at the very start of their careers when it isn't so easy to run out and get an equivalent job. I hope the newly hired analysts don't find themselves looking for corporate jobs they have no interest in taking...

I wonder how big of a bonus Ken Lewis will be getting this year. If you ask me, he should be the first one to be canned, along with the heads of whatever trading desks that are responsible for these losses. But oh yeah, CEO's never get fired, it's just the poor, defenseless analysts and junior associates.

Yes, I heard all about UBS execs getting canned. Now let's just go back to being sarcastic, shall we?