Is BofA the only BB to not have done lay-offs?
I've been living under a rock these past few months unfortunately. Has JPM layed off or no? Fillfillfill
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Ive heard BofA cuts bonuses before cutting headcount (like deep bonus cuts)
Yeah not cuts yet. I think all BBs have layed off at this point other than BofA? I think VP+ are going to get cut soon not sure about juniors.
Moynihan is an optimistic guy, talks about "responsible growth" and stuff a lot
All of the above is accurate. No lay offs but trying to force people to quit on their own.
Bonus numbers come out the end of this month, but it has already been communicated that it’s going to be a disaster.
Morale extremely low.
Work here too and haven’t heard this. When was this communicated to you?
wish bofa accepted my application now :(
Why?
JPM has not laid off yet either (as far as I know in coverage group NYC here)
JPM has been laying off since November and have given a large number of formerly top bucket folks really really bad reviews. Bloodbath in late jan / early Feb imo
After bonuses? Sorry, unfamiliar with JPM comp date
Asc bonuses communicated this week; analyst comp date in late summer
Giving bad reviews for the purpose of justifying a future layoff is quite possibly one of the scummiest corporate tactics that exists. At the end of the day, it’s just a product of our industry so I guess it will never get changed.
Mind if I ask which groups have been affected by layoffs so far? In a coverage group and haven’t seen any direct layoffs so was a bit surprised by this. Also is late Jan / early February timeline based off anything? Seems a bit surprising after they only just gave out bonus figures this week
This isn't true.
This is true, happened to me. They're doing it quietly so they can keep saying that they are in "hiring mode" but reality is different. Not as bad as GS though. Might be group specific too, and not bank wide culling.
That's even more underhanded and scummy if true.
https://www.zerohedge.com/markets/bofa-freezes-hiring-downturn-risk-cre…
Bump
The layoffs are indeed coming... January/Feb will open the flood gates. Goldman started, other banks to follow. Heard a couple regional banks have announced material cost cutting plans (not necessarily IB specific)
how should analysts think about this?
You work at BofA?
Have also heard layoffs are coming late Jan/early February…
How about ubs
The bonus pool is obviously down with IB revenues down major. My guess is we will see bonuses more in-line with 2019 figures for those groups that outperformed target/other groups. Everyone else should probably expect pretty tough bonuses, especially markets folks, while M&A/Coverage might be better insulated.
They will do soon
I don't think they do it soon per precedent behavior and Brian Moynihan's call. I think they will start with more senior before working their way down to juniors if the market really doesn't get better in 6-12 months. Then it will be chill lay-offs with a few underperformers per group but not a bloodbath.
Interesting
Following
BofA is notoriously soft on lay-offs. They have a very hard to impossible time firing underperforming juniors. Managers who have asked to fire people in the past have been told no by the brass. Usually they wait until your current rank / contract expires to push you out by not offering a promo but this can take years. Some under-performers get promoted still and can survive until crucial decisions are made for VP -> D -> MD (especially D to MD)
This might change in these market conditions though and they might start laying off.
why are you so keen to get people fired, what's it to you?
I didn’t read their comment as them being keen to fire people…I don’t necessarily want to see anyone fired but it’s truly a pain in the ass when someone is genuinely incompetent or just doesn’t care at all and they get to skate by (read: dumping work on others who have to fix their mistakes) and dilute the bonus pool on top of it.
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