Comments (17)

Jan 22, 2009

It's true, got the text this afternoon from one of my buddies. 1/4 of first year IBD first years are gone also.

Jan 22, 2009

Major shit is going down there right now. Bloodbaths.

Jan 22, 2009

Heard the same - lots of guys young and old getting fired. A total mess.

I hope all you BofA people reading this are OK.

  • Capt K
Jan 22, 2009

Anyone know if many of the BoA IBD MDs are getting fired?

Jan 22, 2009
mwgr5:

Anyone know if many of the BoA IBD MDs are getting fired?

vp at my firm, former boa employee, said most of his former colleagues at vp and md levels were cut. associate and analyst cuts will come in feb.

i find it surprising that someone said 1/4 of 1st years are done.

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Jan 23, 2009
stifler:
mwgr5:

Anyone know if many of the BoA IBD MDs are getting fired?

vp at my firm, former boa employee, said most of his former colleagues at vp and md levels were cut. associate and analyst cuts will come in feb.

i find it surprising that someone said 1/4 of 1st years are done.

The one VP I know at BoA had told me he is OK. Scary stuff.

Jan 22, 2009

the majority of my deal team got laid off...one of the BofA analysts circed a new working group list and everyone is gone

Jan 23, 2009

I have also heard that this rumor about research is real. I wonder what this means to the incoming 2009 class. Anybody from MER of BAC know anything yet about their offers in research?

Jan 23, 2009

When analysts joined BofA in '08, they thought they were joining a safe, large, and if somewhat unimpressive firm. Now? A sign on the times.

Just my 2c.

Just my 2c.

Jan 24, 2009
lorican:

When analysts joined BofA in '08, they thought they were joining a safe, large, and if somewhat unimpressive firm. Now? A sign on the times.

Just my 2c.

My buddy that signed there has been worried about losing his job pretty much the second after he signed. It was no secret that it was risky to go into IBD at the time.

Jan 23, 2009

Just curious when you get canned like this, do you at least receive some kind of severance package, Like two months worth of pay, or are you completely screwed? Thanks!

Jan 23, 2009
stk123:

Just curious when you get canned like this, do you at least receive some kind of severance package, Like two months worth of pay, or are you completely screwed? Thanks!

it depends but most larger banks will give a severance and pay COBRA for awhile

i think the norm these days is 1-2 months severance; perhaps more if you have been there awhile

cobra i am not sure about

Jan 26, 2009

Just got the word that more BofA's are expecting to be laid off Feb 2. Not sure about the total amount expected to get the boot.

Jan 26, 2009
ARD45:

Just got the word that more BofA's are expecting to be laid off Feb 2. Not sure about the total amount expected to get the boot.

Heard this as well. I believe it's expected to be a lot of analysts and associates on that day as well.

  • Capt K
Jan 26, 2009

In regards to the Feb 2 layoffs, is this directed specifically to research as well? Or are these for IB and S&T?

Jan 26, 2009
topspin00:

In regards to the Feb 2 layoffs, is this directed specifically to research as well? Or are these for IB and S&T?

I heard from an IB analyst. Not sure about the others.

Feb 28, 2009
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