BOFA LAYOFFS?
Heard there were some layoffs this week. Curious how big they were. Know of at least a few across TMT and HC.
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Based on the most helpful WSO content, Bank of America has been planning job cuts in its investment bank, with reductions potentially affecting fewer than 200 bankers globally. Specific details about this week's layoffs aren't explicitly mentioned, but previous discussions highlighted that layoffs could span across various groups, including TMT and HC. If you're looking for more precise or recent updates, it might be worth checking internal sources or recent threads on WSO.
Sources: BofA Layoffs, GS Layoffs hit NY, William Blair Layoffs?!, UBS layoffs, Lincoln Layoffs
Bump, is this verifiable?
Don't think true
There was a small handful across a few teams though I know some who didn’t have any. Have heard of associates, VPs and Ds who got cut. Again, very small number, all were underperformers at least the ones I know. I think the bank is back to doing 2 rounds of cuts each year which is positive to get severe underperformers out.
Hopefully bonuses recover as a result
We’ll see. Last years weren’t great but weren’t blatantly insulting like the prior 3 years. So it’s trending at least…..
I heard they cut the H1B ones.
And those not performing well
IB Revs just dropped 10% YoY in Q3. While that’s not really a cause for concern on the overall franchise, but it sets the tone for the bonus pool decisions that happen in Oct / Nov….
Thats what happens when at least 2/3 of your top bucket pool of MDs, Ds and VPs quit over the last year from shit pay.
The sponsor team got gutted and I hear they demoted the woman who ran the group. Bunch went to EBs like Lazard.
Because of AI?
Was it bc of AI or H1B
Performance based - just heard from a friend
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