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Seems like almost every group got hit.
VPs and directors. Don’t know specifics, but seems like 3-4 in total per group. With many of those let go being up for promote. Sucks. Really tough timing with bonus around the corner
100%. Supposed to get numbers Thursday/Friday I believe. There is a glut of people up for advancement at pretty much all levels so it’s not totally surprising. Figured they’d touch all levels but sticking to what they did last year I guess
On a positive - if they were fired for performance related reasons and were going to be left with a small or little to no bonus then the severance and stock isn’t the worst outcome.
I’m sure there were a bunch of folks blindsided though, in which case that’s very cold so close to bonus.
Still absolutely sucks either way but hopefully they were taken care of on the way out.
Was it just NYC affected?
Heard EMEA got hit too, not sure about APAC
Can confirm APAC got hit as well
Can confirm through a mate that London was hit too, not sure about severity though.
West Coast (SF/Palo Alto) was hit as well across at least TMT and LevFin.
Can confirm the above. Tough day at BofA.
Curious if other groups got hit too, and at what levels. Heard comp is Friday.
Feels like stupid timing considering the backlog of sponsors needing to exit to another sponsor given closed IPO window is reaching a boiling point… not saying 2024 is going to be “good”, but the year is shaping up constructively.. 6 months from now going to be a hiring spree
Confirming HC had layoff in the VP level
Brutal. Sorry to hear. Broad or just 1/2 people?
Yeah, comp day is supposed to be Friday.
Always been like that... Hiring and firing too late
What do you mean?
Doesn't matter. Until rates go down, actual deals closed in sponsor land is not going to tick up materially.
Eh, secondary shops will be the liquidity providers in a lot of cases
No, they won't. The pass rate on CVs right now is pretty high, anecdotally. Secondaries is the best risk adjusted return in PE for a reason, they don't sustain lofty multiples for others in the buy. And they're not going to be a solve for some of the truly mega-assets that have no exit period without the IPO window opening up.
Any word on C&R?
Any word on c&r?
Can confirm - rough day at BofA. I’m in a coverage group and they let go of two VPs and one Director. Happened across the firm.
Agree they get shafted on timing but most of them were low performers who got virtually no bonus anyway. Plus they got to keep their stock
Confirmed EMEA layoffs, VP+ level though. There are rumours online of junior level layoffs on Friday but nothing confirmed. Good performers and bad performers out, so I assume company wants to reduce headcount quickly.
Bump
The online rumors are from a joke post about bonuses being cancelled lol
Can confirm this as well. Close friend of mine get let go today. Was a medium performer and was expecting others to get let go over him but sadly he took the grenade in his class (think there was another too)
What level?
Any layoff in their S&T side of things as well?
Sounds like just a few vp or dir level folk here and there
Does it sound like people are spending a lot of time and effort looking for new jobs?
Prob should be if bonuses are expected to be lower this year
I have heard of directors being let go in EMEA S&T
Not in equity
Any in us S&T?
Heard from a friend who works in BoA ECM in London. They got rid of a few folks including two MDs and a VP.
any news on NET?
Any news on securitized finance in NY?
Haven’t heard much from that group
Securitized finance has been on fire the last couple of years, especially now. BOFA is a top-tier player in almost every asset class. If they laid anyone off I would be shocked if it was for any reason other than politics/performance.
How about in m&a
Well at least they got 2 months severance and RSUs paid off. Not like they’re missing much in terms of a bonus lol
Do you know for a fact that severance was 2 months and not more?
Severance was 2-3 weeks base pay per year of service. Have heard both, not sure which one is true
This year, upper middle bucket Aso3s and VPs got laid off with severance + RSUs (30%+)
Middle and bottom buckets got bonus (10-20%) lol
Yes! Who cares about a stable base! Give me that 30%!
Bump
Sounds like many want to interview elsewhere now
Lotta people interested in interviewing now lol
Some of my asos are fuming from bonus figures
Does it make sense to switch to coverage from product team as incoming ASO3 or is it likely people get fired at that level or VP given the associate bloat
Coverage associates are wayyyyy too bloated.
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