U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-03-2008, 09:07 AM
 
Location: Charlotte, NC
7,041 posts, read 13,133,672 times
Reputation: 2324

Advertisements

Charlotte Observer | Charlotte, NC - North Carolina's Local News Leader

Did anyone see that BOA has now announced job cuts in addition to the anticipated ones at Wachovia??
Reply With Quote Quick reply to this message

 
Old 12-03-2008, 09:15 AM
 
1,304 posts, read 3,874,318 times
Reputation: 663
I did see a TV new piece about that this morning. Their take was the BOA job loss would be in investment banking and would largely come from NY...we'll see.
Reply With Quote Quick reply to this message
 
Old 12-03-2008, 09:19 AM
 
Location: State of Being
35,885 posts, read 67,193,442 times
Reputation: 22375
Yep - saw something yesterday on CNBC. But they were saying yesterday - around 10,000. That article says more like 30,000. ?????
Reply With Quote Quick reply to this message
 
Old 12-03-2008, 09:20 AM
 
Location: Indian Land
628 posts, read 1,858,550 times
Reputation: 465
No surprise there. The whole financial sector is in turmoil. Layoffs are insane in the banking industry right now (Look at NYC's job loss expectations). With all these buyouts going on...there are soooooooo many jobs being cut it's sad. It's going to be next to impossible for all these people to find work in their industry because there are a lot more candidates than jobs. I wish them all well and hope they saved some money for the rough times that are coming.
Reply With Quote Quick reply to this message
 
Old 12-03-2008, 09:27 AM
 
1,304 posts, read 3,874,318 times
Reputation: 663
The report I saw said the 30,000 figure was not an immediate layoff, but rather loss through attrition. Look for lots of "early retirement."
Reply With Quote Quick reply to this message
 
Old 12-03-2008, 09:32 AM
 
Location: Charlotte, NC
3,356 posts, read 8,884,616 times
Reputation: 1932
If I was an Merryl Lynch employee in NY I would be worried, thats where most of the cuts will come.

Having said that BOA will still employ approx 1/4 million people once the merger is completed.
Reply With Quote Quick reply to this message
 
Old 12-03-2008, 09:33 AM
 
Location: State of Being
35,885 posts, read 67,193,442 times
Reputation: 22375
Quote:
Originally Posted by marvinnative View Post
The report I saw said the 30,000 figure was not an immediate layoff, but rather loss through attrition. Look for lots of "early retirement."
Gotcha - that explains a lot more about the high figure. That sure is a high number, tho, for people to find other jobs w/o being laid off. I mean - if they originally thought 10,000 - that means 20,000 will leave thru/ attrition . . . a lot of retirements and people leaving b/c they found new jobs . . . I dunno. Where are they finding the new jobs? Has to be a lot of those jobs are outside the banking industry, I would think. ????
Reply With Quote Quick reply to this message
 
Old 12-03-2008, 10:28 AM
 
1,304 posts, read 3,874,318 times
Reputation: 663
Having been on the front lines of another high profile merger, you can expect that an awful lot of folks are getting "early retirement package" offers about now. It's a stressful time, wondering if the new parent will accept you, or if you should take the offer and run. Having seen it done, I say, take the offer and run!
Reply With Quote Quick reply to this message
 
Old 12-03-2008, 10:30 AM
 
33 posts, read 79,346 times
Reputation: 23
I'm afraid a number of the ML folks are going to be in for a rude awakening when BofA takes over regarding pay and incentives. This will cause many fo them to jump ship with opening their own shop the only option for some. The entitlement, lavish perks and outrageous bonuses will go with the old year, come January 1st. We'll see how many are willing ot adjust their lifestyle...
Reply With Quote Quick reply to this message
 
Old 12-03-2008, 10:54 AM
 
Location: Huntersville
1,852 posts, read 4,675,905 times
Reputation: 525
It doesn't suprise me. The article is also wrong though. Less than 10% with such a large merger and the marketplace is typical. According to the latest Q BOA has 247,000 employees, ML has 60,000, so 30,000 over 2 to 3 years isn't shocking, at least to me. Not that its a good thing, but it does happen. People will leave, they won't refill those positions, they will get rid of some duplications, and investment banking will take a hit. The ML people in NY made very good money too and as M&M said were used to great bonuses, they already said those bonsus will now be cut in half or more. Both ML and BOA have a lot of people 30+ years who may be offered these packages. With 401K's as they are though some of these folks will "need" to keep working, but it may be in their best interest. I read a couple years ago how these packages are offered. You can retire now, we will fully vest you and give you X, or you can get severed and get X-50%. Hmm which one is better?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 11:07 PM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top