BofA Ibanking
http://www.dealbreaker.com/2007/10/attention_bank…
people's thoughts....bofa can't really do this???
tbroker, maybe ur leaving at the right time...
http://www.dealbreaker.com/2007/10/attention_bank…
people's thoughts....bofa can't really do this???
tbroker, maybe ur leaving at the right time...
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Career Resources
they can do anything.
for all these reasons and more, save your money lads.
Ya you might as well get out, t-broker
93% decline? 100 million in profits for the entire division?
Lot of people are getting laid off believe it...
AHAHAHAHA
remember though, tbroker "chose" to go to BoA.
I do not work at BoA...so I could not care less...check a response thread
You beat me to it. A similar article:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aLwipmmdQn6I&refer=…
Correct me if I'm wrong, but Kenny Boy didn't say he's right-sizing the GCIB.
He said he's "had enough fun." Which I bet most shareholders are saying about the fincos for now.
All it means is no acquisitions or anything crazy for a period of time. Not layoffs out of proportion w/ anything else on the Street.
$1.3 billion -> 100 million, quarter on quarter = heads will roll
...a hundred million for the entire division is hilarious. That's a good year for a small prop trading group with say 5 value-added employess not a whole division with hundreds of employees. Many, many people will be fired. If I was an employee there i would be actively looking for a job now. Also watch for Merrill who reports 10/24. Rumor has it they will anounce a huge mark-down on CDOs and job cuts between now and then or on that date. It's getting worse by the day people and wont end until a major firm goes out of business....
You're about a day late.
Yes BofA had one crappy quarter, but this will not be the end of BofA's investment banking division. Despite what some of the poorly written news articles are saying, this whole debacle was due to some poorly structured trades in one division. They bet the market would move one way, it moved the other, and they lost...big time. Outside of this one trading group, the rest of the investment bank performed well. What this means for BofA is that they will probably significantly scale back their proprietary trading efforts, make smaller cuts across all other areas to reduce costs, then proceed business as usual. Ken Lewis' remarks about "having all he can stand with investment banking" were taken out of context. He has already stated such.
If what you're saying is correct I have 2 words for you: risk management. All the banks have obviously done poorly with this lately, but if some poorly constructed trades in one division accounts for most of the losses, that's worse to me than if the losses were broad across all departments...speaks to very poor management of risk.
I think at some point in everyone's career they encounter something like this that screws things up and is beyond their control. It just sucks that it is happening to some people at the very start of their careers when it isn't so easy to run out and get an equivalent job. I hope the newly hired analysts don't find themselves looking for corporate jobs they have no interest in taking...
I wonder how big of a bonus Ken Lewis will be getting this year. If you ask me, he should be the first one to be canned, along with the heads of whatever trading desks that are responsible for these losses. But oh yeah, CEO's never get fired, it's just the poor, defenseless analysts and junior associates.
Read the news, there have been several very senior level fixed-income firings in the past few weeks. Not B of A necessarily, but they are coming too.
And in the corporate world, CEOs get booted all the time.
True that Wall Street CEOs haven't seen the axe in awhile, but Chuck Prince will be first in line, if things get any worse over at C. Just watch.
Yes, I heard all about UBS execs getting canned. Now let's just go back to being sarcastic, shall we?
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