I don't have confirmation on this yet, it's happening moment to moment. Word is Bank of America is cutting 25% of investment banking headcount by the end of next week.
Stay tuned.
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really wish i wasn't graduating this semester
I know a person who works there. This is pretty bad. :(
I graduated Uni late last year and have been working a post-graduation internship in PWM, trying to move to IBD/VC/PE. Things are not looking good for us potentials. Good luck to everyone in IB, especially those at BAC.
God this shit is depressing
Honest question, if you have a FT offer from a BB (Not UBS/BAC) should you be worried about it even being there come next July? Is it really that bad?
I heard the BAC rumor as well...
More contraction will be coming in my opinion.
This is all still rumor at this stage, with no official confirmation from the bank.
Here's hoping it isn't true.
http://www.reuters.com/article/2011/09/02/us-bankofamerica-idUSTRE7816R…
Like most banks, I think the "investment banking" headcount reductions will come out of S&T and related functions. Not good news for those people, but industry groups should be largely spared from what I've heard.
there is no way they are cutting IBD. Most likely S&T
I know one person who was cut from IBD at BAML about 2 weeks ago.
Did he suck
Sallie Krawcheck just got fired.
Holy shit, it's on.
"De-layering and simplifying"
Wait is this confirmed now?
25% sounds a little extreme. I wouldn't be surprised at all by 10%, though.
This is just too bad. The industry has been hurting a lot since 2007.
http://www.zerohedge.com/news/two-years-after-hiring-her-bank-america-s…
http://dealbook.nytimes.com/2011/09/06/krawcheck-price-out-in-bank-of-a…
This is not the time for a brutal round of layoffs at the bank. 5-10% is often a good thing if well-executed, especially in a strong market, but 25% after several rounds of cuts is not a positive signal for the markets.
The upper-management component of the shakeup is also disconcerting, though I'm not going to shed too many tears for C-level execs likely getting seven figure parachutes.
http://dealbreaker.com/2011/09/dick-bove-looks-forward-to-getting-back-…
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