BoA Begins The Bloodletting

Posted by associate, Oct 29, 2007 5:29PM

don't know about those dead weights... i'm still looking to pull all in 400k this year... haha!

Posted by AJ, Oct 29, 2007 5:37PM

Wow, we definitely found the first associate on the chopping block for the next round of firings...

Posted by just me, Oct 29, 2007 5:41PM

I can see the price of 4 bedroom co-ops drifting lower every day. I am watching the market and hoping to pay for it via selling out the train tickets to Iowa and Kansas all these losers will be on.

Of course their severance will buy them palatial estates in iowa....

Posted by MG, Oct 29, 2007 5:57PM

"just me" - you deserve to be beaten down on your way home tonight. These are people with lives, families, etc. losing their jobs. It's not fun, and you're not funny. As many people in this industry for more than 2 years or so you've probably been around can attest, wholesale firings are very wrenching experiences. There is no reason to call these people "losers." If anyone deserves to lose his/her job, it's cocky turds like you.

Posted by Random Banker, Oct 29, 2007 6:04PM

AJ, you read my mind.

Don't ask for whom the bell tolls Associate, the bell tolls for thee

Posted by WTF?, Oct 29, 2007 6:15PM

Still waiting to hear the numbers for Kenny and James, but I heard the Swiss paid 1/2 of last year's bonus and Mack was very generous with 5/6's of last year's payout.

Posted by Random Hedgie, Oct 29, 2007 6:16PM

"Just Me" - You are just pissed that your shit Rutgers degree got you a back office job, and you can't afford a decent apartment. I am sure I could make a fortune selling trash like you train tickets back to Long Island and Jersey.

Posted by anonymous, Oct 29, 2007 7:24PM

is it just me or is there a lot of anger going every which way in these comments? i think all of you need to relax. have a beer maybe?

Posted by just me, Oct 29, 2007 7:32PM

@MG-nobody fires people who make money, nobody. Its what the system encourages. These are people who are dead-weight, and only soak up resources more productive folks can use

@Random- Please stop projecting your own insecurities. Anyone who talks like you, is simply voicing their own concerns. Where is the PATH train anyways?

Posted by leverage, Oct 29, 2007 8:28PM

Anyone know what the severance was for BoA; and how about Bear Stearns?

Lot of hatred in this post trails, can't we all just get along???

Posted by Geezer, Oct 29, 2007 8:33PM

You will all be fired either literallly or figuratively, ie crap pay

Its a fact, seen Summers to Group heads get it.

Less than 15% will make it to MD or $5-10 Mil liquid

just facts; rest of your comments are inane rookie bs

Posted by shafted, Oct 29, 2007 8:40PM

any news of analysts/associates getting axed at bofa? read a comment somewhere about i-banking analysts getting the shaft; anything in S&T ?

Posted by , Oct 29, 2007 8:57PM

several MDs at BofA let go as well

Posted by , Oct 29, 2007 9:38PM

Haven't heard of any analyst getting let go (at least on the global markets side).

Layoffs appear to have been very top heavy .

Posted by The Trader/IB Apologist, Oct 29, 2007 9:52PM

Come on, people!!! How can you fire people when it was the "models" that were wrong? People don't lose money, financial models LOSE money!!! Banks are firing the people who could fix the "models". It's insane.

Posted by Dave Chappelle, Oct 29, 2007 10:42PM

More banks to make major cuts this week. Keep watching the headlines. My understanding on severance: 3 mos is standard. Pro-rate last year's bonus (assuming you weren't the one to drop 50-100m negative P&L on your colleagues).

However, there are a lot of "zeroes" out there. Get ready for more.

bitches . . .

Posted by just you, Oct 29, 2007 10:50PM

misguided Midwest and B&T remarks are hilarious AND original!

Posted by whitepride, Oct 29, 2007 10:56PM

blacks and mexicans

Posted by Anal_yst, Oct 29, 2007 11:00PM

Hope you all didn't blow that bonus last year, I bet its gonna get awfully lonely sittin this lull out

On a positive note, more unemployed bankers/traders/etc @ home all day will surely cause traffic/views/etc on Dealbreaker to surge, so Carney theres your silver lining (although gonna be kinda hard to sell ad space to luxury brands when 30% of your readership is newly-frugal, hmmm)

Posted by Doak Walker, Oct 29, 2007 11:19PM

Anyone making over $50K is overpaid. I pounded a stripper Saturday night for what amounts to a weeks pay for me, but life is good.

Posted by , Oct 29, 2007 11:44PM

BofA sucks. During on-campus recruiting their major selling point was that "we are growing and provide analysts a much richer experience". Where is the growth now? Senior level management was not able to bring in the buisness or retain talent and now they are the same ones making the decisions on who gets laid off.

Posted by , Oct 30, 2007 12:00AM

whats a dead running back doing on DB? Also @ 50k/year was this post or pre tax for the banging of the stripper?

Posted by A-Non, Oct 30, 2007 9:20AM

How is it that Just Me went from being an uber-sensitive pansy last night, when politely asking people to stop using violent references, to a hard-core, let the pink slips fly monger this morning.

Just to note, Just Me is still a fruitcake for that Nancy Boy comment about weapons last night, in my opinion.

Posted by N, Oct 30, 2007 9:30AM

two guys I trade with at boa got the ax yesterday, it's only the beginning.......

Posted by just me, Oct 30, 2007 9:46AM

@ A-n0n - Losing a job is not a big deal. Being responsible for someone losing their life is. But since you seem to be so concerned, why dont you start paying other peoples' bills or step up and offer to lose your job instead? Oh right, the toughest decision you ever made was what year cab to order at dinner and you've never taken responsibility for anyone but yourself.

Posted by A-Non, Oct 30, 2007 9:52AM

Sounds like Just Me is a disgruntled ex-employee somewhere.

Anyone have any rccomendations on what year cab I should order tonight at dinner?...I really can't figure this one out.

Posted by Anon, Oct 30, 2007 10:11AM

What a load of total crap posts. Will not be frequenting this site much. Admin really should strip out the usless comments.

Posted by associate, Oct 30, 2007 10:56AM

hahaha... this is all too funny. while all you guys on this board squabble over non-sense... i'll be pulling in 400k all in at year end. see you at 400.... NOT

Posted by , Oct 30, 2007 11:04AM

My sources tell me the guys at bofa got 2 months sal. Any confirmations? Does look stingy compared to morgan stanleys 6 (or so i heard).

Posted by , Oct 30, 2007 11:14AM

6 months compensation got only Analysts. All other regular people are getting 2 weeks salary for every year they worked at specific investment company

Posted by Anonymous, Oct 30, 2007 11:15AM

11:04; That is confirmed.

Posted by associate, Oct 30, 2007 11:29AM

whatever the package is... inconsequential next to my 400k all in

Posted by random start up, Oct 30, 2007 11:49AM

@ associate: you're so awesome you make 400k a year. I'm my own boss work 50 hours a week and make over 1.2 a year. how's that for an all in you pansy. stop flaunting you're measely, corporate salary and get back to your rat race.

-Followship award.

Posted by associate, Oct 30, 2007 11:54AM

PUUULLLease... I work at a reputable investment bank... If you don't work at a global investment bank, there is no meaning to life for you. I don't believe you can make that kind of money working 50 hours

-Liar Award for random start up

Posted by random start up, Oct 30, 2007 12:03PM

"If you don't work at a global investment bank, there is no meaning to life for you. " i know plenty of people who would disagree with you, mainly every other person in the world that ISN'T an investment banker.
believe what you want to believe. just because something isn't in an excel spreadsheet doesn't mean it's not true. DBAG

Posted by Anon, Oct 30, 2007 12:06PM

Analysts ARE being let go - FACT!!!

Posted by anonymous, Oct 30, 2007 12:31PM

"If you don't work at a global investment bank, there is no meaning to life for you. "

Sounds like you have your whole identity wrapped up in your job. Good luck with that. This is a brutal business and the good times don't last. Bank it while you got it.

Posted by Euro Ego tripper, Oct 30, 2007 1:53PM

Associate is boasting 400k??? I would say thats pretty lame to be boasting about.

Considering the rate the USD is going my secretary might well pull the equivalent in this year in Euro.

(mind you, she has "pulled" quite a lot to earn that, so I hear)

maybe the 50k a year horizontal stripper jogger might have met her.

Posted by associate, Oct 30, 2007 2:14PM

my bank account is $1mil liquid. How do you like that, punk? there's no way i'm going to get can. i'm too important to my organization.

Posted by Dave D'Rave, Oct 30, 2007 2:15PM

Geyser Peak 2002 Reserve Cab is a good choice,
but I'd recommend DeLoach Pinot 2001.

Either goes well with broiled loin of Bond Trader. For sub-prime CDO guys,
a mixed-citrus reduction sauce is recommended, to cover up the taste of toxic waste.

Posted by Doubter, Oct 30, 2007 2:25PM

2:14 Calling b-s

Unless you live in Bronx, dress Sears, and eat seameless 24-7, and take hom leftovers, its not possible

'02-04 #s blew

You have debt, Min $100K

and at best even if you are a 3rd yr promote, its till does not add up,

Most 2-3rd Yr VPs cant claim that #

And dont tell me some day trading/ hedge portfolio nonsense either

Posted by associate, Oct 30, 2007 2:41PM

of course i can you commerical banker

3rd year: 75k base plus 125k bonus
1st associate: 85k base, 25k signing, and 180k bonus
2nd associate: 105k base, 250k bonus
3rd associate: 115k base, 350k bonus
4th associate: 125k base and expect 275k bonus (bad market, you know) but will get promo to VP

bare in mind i had 200k savings before doing banking.... you work at a commerical bank and don't know shit son

Posted by , Oct 30, 2007 2:46PM

associate, gross or net?

Posted by , Oct 30, 2007 2:56PM

Confirm that analysts at BofA were included in firings, including first years that started in August.

Posted by doubted it right, Oct 30, 2007 2:57PM

base salaries are spent 9 esp jr ones bel;ow $200K), unless you live like a miser

Your bonuses total: $900k pre tax, and after tax????

So you have ~$450K

Oh $200K, yeah more tall tales

ps, if you got $350 last year YOU work at a pseudo commercial bank...$500 was the Post article for your class.

Me, sorry to burst your bubble 3 bulge firms and senior to you by a decade....and multiples of $

Posted by 6th yr Associate, Oct 30, 2007 3:16PM

My bank account is $1 billion liquid.

Posted by associate, Oct 30, 2007 3:26PM

hey hater... and your calculation is completely reasonable... i stuff all my money under my mattress and not into tech and emerging markets funds. check out the charts for those markets hater... and see if you CAN'T get to 1mil. 500k was top 5% at GS... 475k was top at my firm. how much did you make last year punk?

Posted by , Oct 30, 2007 3:27PM

Confirmed Anon 2:56, every level got hit from first years to group heads

Posted by Rodger, Oct 30, 2007 10:01PM

You all realize that "associate" is probably a 14 year old kid messing with you heads, right?

Posted by , Oct 31, 2007 9:06AM

judging his punctuation and spelling, he is indeed 14 years old.

Posted by , Oct 31, 2007 9:31AM

associate is Miss Teen USA 2007 South Carolina.