Does anyone on this forum work at BofA Securities? If so, can you give any perspective on what's going on over there? Are people freaking out and updating resumes or is all this we're hearing just speculation? I remember hearing a year ago that BofA was going to eventually be a juggernaut in banking, now they might close up shop?
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i really doubt they'll close up shop, but i'm sure there will be lots of layoffs
Jimbo,
Not that I necessarily disagree with you but what makes you doubt that they will close up shop. Their IBD earnings drop was ridiculous and their CEO needs to do everything he can to save face. I happen to really like some of the groups Ive worked with at BOA IBD.
"Not that I necessarily disagree with you but what makes you doubt that they will close up shop. Their IBD earnings drop was ridiculous and their CEO needs to do everything he can to save face. I happen to really like some of the groups Ive worked with at BOA IBD."
bofa is clearly a commercial bank, but the ibanking side has contributed decently to their revs throughout the years. you don't just exit that business entirerly, they've spent too much building it up.
I recently signed with BofA and have many friends that have done the same...all the rumors about cutting the analyst class and people preparing their resumes is generally just that "rumors", especially in the CF side of the bank. Its important to note that much of the dislocation that occurred, occurred on the trading side and not the CF side so I would expect any big changes would come from the trading area.
Also of the three groups I know relatively well within the bank all met budget(their revenue goals) and continue to recruit.
If u have any further questions feel free to mail me.
I recently signed with BofA and have many friends that have done the same...all the rumors about cutting the analyst class and people preparing their resumes is generally just that "rumors", especially in the CF side of the bank. Its important to note that much of the dislocation that occurred, occurred on the trading side and not the CF side so I would expect any big changes would come from the trading area.
Also of the three groups I know relatively well within the bank all met budget(their revenue goals) and continue to recruit.
If u have any further questions feel free to email me.
3k layoffs enroute and the head of their ibank is gone
I was suppose to have a phone interview with an associate next Tuesday. I just got a call from a secretary at BOA saying that the associate was let go and the group is no longer hiring. Oh well, BOA public finance seems like a crappy way to start a career anyways.
do people think most of the cuts are going to be in s&t or spread evenly throughout the groups and areas of the gcib.
Most of the cuts should be in s&t because that's where most of the money went down the toilet, but I did read that the cuts were going to be mainly in GCIB. Anyone you guys know personally being affected by this?
pretty sure s&t falls under gcib
Yeah I know Jimbo. I'm just saying that I'd be nervous as hell -- as a person just starting my career -- irrespective of desk.
shitting rocks is very painful
"Friend just started working at BofA S&T, she must be sh!tting rockings. I havent spoken to her in a bit though
"
depends on group
looks like just a reshuffling of the deck. layoffs in advisory (ibankers) were only 100. most if not all of the 3000 layoffs were in capital markets, trading, and wholesale mortgages.
Yeah, the bankers at BofA seem to be okay. The wholesale mortgage business was completely shut down right? Regardless, good ol' Kenny Lewis is trimming the bank down, but it seems like not a lot of bankers are getting the axe.
4 people in FIG gone, including at least 1 analyst.
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