News on BOFA Layoffs?
Heard from a fairly senior friend at the firm that leadership is looking to reduce headcount across the investment bank across the next few weeks. Can anyone confirm?
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Confirmed, they did it same time last year as well, think it’s the nudge after soft performance reviews
Do you know if this affecting juniors directly? Or is it seniors cuts? Will it be IB groups?
I heard that it is mainly VPs and a mix of the A2/3 and AS2/3 level. Entry level roles will most likely not be effected. Probably as above said poor performance cuts but a bit more drastic given the economic condition.
You can lay off BOFA deez nutz
Please don’t
Absolute gold
never gets old
Interested
Lol
Wow that sounds like a dream. Never thought the day would come where someone in IB is working less than me in consulting lol. Hope the peace lasts a bit longer.
FSG, TMT, and FIG need a 75% cut lol
Know a guy in consumer who barely works 40 hrs
Sounds like a dream lol is that the US or London based team?
Sounds about right. Don’t know why this got MS. Analysts in those groups are basically on vacation rn (and I guess consumer too). On the flip side, industrials, M&A and energy still getting absolutely cranked
Why does TMT need 75% cut? Some in Palo Alto are pretty overworked, although it is a big group. I could see NYC needing a cut because their team is bigger and does fewer deals than west coast though
I'm on one of the larger teams (120+ headcount). We need a few D/VPs cut and probably 7-12 ASO 1s & 2s cut (new class is ASO 0 so not included). I feel like some seniors should get cut too but we'll see. Our ASO headcount outnumber analysts like 3-1 (my subvertical is higher than that), its absurd. A bunch are not working much as there simply isn't enough to do. Some begging staffer for work some times and they have nothing to give out.
TMT NY is it?
Haha.. 100%
Too many new and useless MDs in TMT
former bofa here…
Are they hiring analysts?
I knew someone in healthcare at BOFA that worked insane hours. M through sunday (only saturdays were protected) and worked really long hours. Guess it depends on the group
literally every single group across banks works mon - sun
And if you’re lucky enough to work in M&A …every other Saturday too :)
Although maybe that’s changed in recent years
I’d rather work at Northwestern Mutual than BofA.
real fr fr no cap on my momma str8 bussin
Although it seems counterintuitive, I feel like EGRC is likely safe due to the massive amount of headcount growth being funneled into the group. If anything, I see another wave of internal restructuring to shift around headcount at the junior level to meet demand as needed.
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