BofA RIF Today
I heard from people in multiple groups there is supposed to be a RIF today. Heard it was generally supposed to be quite limited given the amount of natural attrition on many teams. Not sure what levels will be affected. I recall last year it was a big one and it affected all levels, again supposedly smaller this time around.
What levels have you heard?
Any details? Heard rumors of this too
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Going to be mostly/all senior
Yeah. On a coverage team. A few MDs and directors got axed. I think the directors were 3rd/4th year and didn’t have a real path to MD
Think industrials had ~3 ppl. Vp/D levels. But not surprising on who got cut.
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It was a light since so there has been so much attrition already over the past few years and especially in the last few months. I don't even think BAML has coverage in Industrials or Technology anymore since so many MDs left for rival banks. Good news is my bonus continues to be siphoned off by the 80 MDs and Directors in EGRC (not exaggerating on that number). But I am sure with such an army of washed up recycled bottom bucket bankers we will turn it around soon!
Which groups and levels were impacted?
Friend told me there are no more MDs left in semis, all went to rivals before this recent RIF. Bad time to be caught lacking given all the sector buzz. A mid MD would still be able to pick up financing fees from the big boys, now the bank won't do doing semis deals for a while. Can't rely on software for fees with the SaaSpocalypse going on either.
Correct. I believe JPM poached the whole semis team since March last year.
How they’re choosing to run the bank is so strange. Apparently GIG has 10 MDs left and like 3-4 directors… at a bank that big you should have at least 20 MDs to cover all the bases. Same thing with TMT, although their team is still bloated in certain areas.
On the flip side, you have 80+ senior bankers in EGRC doing god knows what siphoning off all the bonus money.
Makes you wonder if something bigger is in the works for the IB division…
Spot on. You have complete r*tard VPs at bottom tier banks clipping 500-700k, meanwhile BofA VPs get ground to the bone on actual deals and put up with 350k all in. I don’t understand it
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