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http://finance.yahoo.com/news/Bank-of-America-to-cut-up-to-rb-13810998…
bloodbath
the best is the part of the press release where they say they aim to have most of the cuts through attrition...which is code for "zero bonus and we make your life miserable so you fire yourself"
a lot cheaper than actually doing the dirty and having to cut people checks.
ML has been doing this already...talk to anyone on the FI side. Meanwhile, Thain has the fucking nerve to ask for $10 ml. what a joke
will most of the cuts come from ML side or BoA side?
IBD and S&T will be most affected on the ML side I hear.
Has anyone heard of FT offers being rescinded by Merrill or BofA?
But I know people were re-assigned to different desks on the ML side.
Do you think the 35,000 is just an estimate of how many people will leave because of how miserable things are?
Ehhhh... no.
These are layoffs.
"Goodbye, you no longer work here"
The article says 35,000 over 3 years. So they will probably lay off some people due to overlapping functions (after combining ML and BoA) and then wait for others to quit without looking for a replacement for them (the attrition part). 35,000 is still "only" about 10% of the combined company, which is in line with what other banks are doing.
KingKitega, where did you here about people being assigned to different desks at ML? And what do you mean by that, were they for example assigned to BO from FO positions?
I'd quit if I had to work for BofA, and I worked at ML IBK btw.
Big loss in my head.
Thanks ARD45 - insightful.
"35,000 is still "only" about 10% of the combined company, which is in line with what other banks are doing."
Yes and no. It is 10% of the total...but if it's coming from redundancies/overlap ie banking, s&t etc, it is a MUCH higher percentage. BofA has call it 10k ppl in ibanking related function and ML has 50k or so (excluding the brokers who are not going to be canned). So if the bulk of these cuts are from that combined function, it's a massive figure. Like 30-40%
Do first year analysts who get fired go to boutiques as first year analysts or second year analysts?
"Do first year analysts who get fired go to boutiques as first year analysts or second year analysts?"
they go to the unemployment line, retard. along with the rest of us.
haha
I heard ML is going to drop their summer offers because they are being forced to eat most of these layoffs before the merger.
This is just word of mouth... can anyone confirm?
@IBnutz: I've heard this too...but also word of mouth from a friend of a friend who works at ML.
do you mean ML will rescind the full time offers made to SAs this summer?
Correct
you know what's interesting is that i've seen a summer analyst post for ML ibk recently on my career website...what's that all about?
Same as me. I have a buddy that works for BofA (and will probably lose his job soon) and he said they were not even going to hire anyone but just kept the posting to keep ties with the school.
@jman:
Possibly just maintaining relationships with schools. A lot companies will go through the recruiting process even if they have no intention of actually hiring.
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