http://dealbook.nytimes.com/2013/06/04/gleacher-to-shut-its-investment-…
Planning to shut down IB ops and hired a CRO.
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like 20 people without jobs.. not bad at all, wonder if its anyone here
anyone have more detail about what happened?...when did deal flow start drying up or was it another issue? I thought Gleacher had a solid rep and was doing well, so surprised to see this.
Eric Gleacher left in January, but I think issues were already brewing. There was a thread on this a while back I think.
Just saw this on my twitter: the summer analysts got their offers rescinded 2 days before their start date
http://au.businessinsider.com/gleacher-fires-2013-intern-class-2013-6
Now that really sucks.
I wonder whats going happened to the full-time analyst that are suppose to start this summer. They got royally fucked.
^ Ouch. That sucks.
SA and FT analysts got totally screwed. I really feel sorry for them at this point.
I knew a bunch of people in the S&T division that was shutdown a few months back. Should have sold themselves to Stifel earlier this year
Sad to hear.
WOAH, I almost got offered a spot there! OMG saved, phew
Well thank God you didn't get the offer. What on earth could you have done in that situation?
I would have probably cursed the shit out of them...and then had to live with it. At that this point in time, I wonder who would give me an internship spot...probably would've had to go unpaid at a boutique and try to sell the story for FT hiring.
Guess things do work out for the better, counting my stars right now
Or just turn down the offer...
WOW...i almost accepted their FT offer back in September. I know they pay half of the 15k sign on bonus after signing the offer so I wonder if they get to keep that money?
Probably wouldn't have...I thought highly of them 5 months ago...
I was one of those interns. We are getting interviews now from other banks who are trying to help us out. Most recruiters are sympathetic-- especially considering the Bear Sterns and Lehman shutdowns a few years ago. I still have no idea what I will be doing this summer-- but at least I have a good story.
Good luck! How many interns were there supposed to be
Sometimes this is a good thing; I know a few people who got laid off post-Lehman who got interviews just because people wanted to hear about what happened and what it was like from a firsthand perspective. Keep it up and you'll definitely find something else!
How much of an impact will this have on the kids when they are doing FT recruiting, if they are unable to land anything for the summer?
Anyone?
gleacher looks like its sinking fast (Originally Posted: 08/29/2012)
Gleacher looking for a buyer for the company...I have a friend working there...heard they had a lot of defections at all levels, and they really screwed some analysts on bonuses...hope they can turn it around. first years must be nervous
Some people just got fucked pretty damn hard, huh
I've heard great things about post-analyst opportunities there because of the strong senior team. How have exit opps been for the last couple of years?
When I read it at first I thought Gleacher was looking for buyers for a deal - I didn't want to believe they were going down...
from what I hear ( I don't work there but know people that do)....its been a lot of turmoil, a lot of personnel changes, a good percentage of the 2nd yr analysts left during their first year, they screwed some people on bonuses and are generally messed up. exit ops were good up till last year...but now the management left are not being supportive of the remaining staff. not good environment or morale. gotta treat people with respect, even in banking I would hope!
from what I hear ( I don't work there but know people that do)....its been a lot of turmoil, a lot of personnel changes, a good percentage of the 2nd yr analysts left during their first year, they screwed some people on bonuses and are generally messed up. exit ops were good up till last year...but now the management left are not being supportive of the remaining staff. not good environment or morale. gotta treat people with respect, even in banking I would hope!
And so the culling of the boutiques begins.
pwned.
So, maybe they're hiring...
Gleacher situation way overblown (Originally Posted: 10/07/2012)
They still have a strong brand name and although they were looking for strategic alternatives, it doesn't mean they were going under.
I know for a fact they are still working on some big deals (7Billion) and are still very selective. I think everyone on this site hears one thing and just repeats it 100x thinking it is true.
thanks now we all know you work at gleacher.
lol
Gleacher leaves Gleacher (Originally Posted: 01/29/2013)
makes me a bit sad - always looked up to Gleacher and associated him with the good old m&a days
http://dealbook.nytimes.com/2013/01/29/Gleacher-to-leave-his-investment…
It's too bad because he really put the Gleacher in Gleacher.
This little excerpt basically sums up how much of a baller this guy is:
"Mr. Gleacher, a former Marine and long one of Wall Street’s top golfers, founded his company after having become one of the top deals bankers on Wall Street during the 1980s. He founded the mergers department at Lehman Brothers in 1978, and then led Morgan Stanley‘s deal team from 1985 to 1990."
You must have some unbelievable game to be one of the street's top golfers. Plus a vet, AND founded Lehman's merger group? Boss
Better 'retire' now than pull a Wasserstein imo.
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