Can anyone add to the list?
1: RBC Fires Fixed-Income Salespeople Amid `Challenging Market' (Confirmed.)
2: Barclays Capital and RBS Greenwich Capital, Royal Bank of Scotlandâ€s US capital markets subsidiary, are among the first to change their structured credit arms in the last month. (Confirmed.)
3: DB / Citi?
4: GS moves half of its analyst class to operations
5: Rumors swirling around CS / BofA
6: I don't even want to know about BSC
we should keep an active post/forum where we can document the twilight of the asset class and provide some support.
i think we are still slightly to early to tell at the moment...late year layoffs generally happen early to mid october, in my experience.
i can tell you db, citi, calyon have taken large losses on credit and structured desks;
Buddy of mine there in S&T mentioned the analyst class heading to ops.
Buddy of mine there in S&T mentioned the analyst class heading to ops.
this is why you should have no qualms about reneging.
agree, otherwise you're just a tool.
According to 2 friends in the analyst class (both in Charlotte), B of A is writing $50 k checks and telling kids to come back in a year
sweet gig if you can get it
EDIT: don't know how many/what proportion/what groups of the class
about 50+ of these are supposed to be front office, Wall Street jobs. We're talking about 2,3 MDs and a slew of lesser ranks
looks like most cuts are coming in origination groups, front office is letting go anyone who is unnecessary in a slow market... analysts running risk and PnL are prob safe, and most MDs. Anybody in the middle is prob fair game, first round of cuts was associate/VPs who are in the middle. if you're still around and work in a mortgage or CDO group the real danger is that your entire group gets the boot
Do you believe that sale internships in fixed income products such as MBS, CDOs
are going to be substantial reduced as well? Or due to the lack of cost they will stay intact and at comparably numbers as in the past??? thanx
it really depends. if the housing/credit markets rebound, hires continue, and vice versa. internships will probably be OK since many firms are always eager to make sure they keep a strong presence in the mind of potential future hires, but they may be less likely to extend a full-time offer to the interns, especially in that area. if an entire mortgage unit gets shut down, no reason to hire a new dude who will def be negative net PnL to the firm for at least 2 years probably.
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