Layoffs coming at Merrill Lynch? (Charlotte: employment, moving, title)

[TP121]

I am looking at moving into the Charlotte area in Feb due to the declining health of a family member, but unfortunately I am in the Financial biz with Merrill Lynch.

I have been told by upper management where I am that Charlotte branches will be recieving a lot of layoffs over the next 4-6 months.

When I asked why that particular location, I was told word had it that BOA wants to insert a core number of BOA financial advisors in the Charlotte area to keep from paying severence packages and 401K's to current BOA employees holding the same positions that are being held by ML employees. So in other words, BOA will be "swapping" employees to keep from paying out severence packages.
A good percentage of the 35,000 layoffs with ML and BOA will come within the Charlotte area was what I was also told.

Has anyone read anything in the paper concerning the Merrill Lynch outlook in Charlotte? Any inside info?

[ellemaew]

The word is that the majority of the layoffs are going to be ML employees since that part of the business is the weakest in this economy. However, what will actually happen is being kept very close to the vest right now. I do know that there is essentially a moratorium on hiring new employees - unless it's really really critical - until potentially displaced current employees (BofA and ML) can be evaluated for fit for any open/opening slots. However, I'm quite sure the number of displaced employees is going to exceed the number of open slots by quite a bit, so that still is no guarantee.

[Whytewulf]

I don't know if anyone can rightly say until it happens, But I would think the finance advisors at ML will be ok, thats one reason BOA bought them. Yes they will see some layoffs, but you don't layoff the Thundering Herd too much. As far as other supporting roles, thats where I think ML will hurt the most. HR, Supply Chain, Finance, Risk, etc, will keep in BOA as its probably cheaper in Charlotte. Layoffs however, are a good time to get rid of the screwballs, the long timers who make too much and other random people that had no idea it was coming.

[Carolina Blue]

Originally Posted by TP121

I am looking at moving into the Charlotte area in Feb due to the declining health of a family member, but unfortunately I am in the Financial biz with Merrill Lynch.

I have been told by upper management where I am that Charlotte branches will be recieving a lot of layoffs over the next 4-6 months.

When I asked why that particular location, I was told word had it that BOA wants to insert a core number of BOA financial advisors in the Charlotte area to keep from paying severence packages and 401K's to current BOA employees holding the same positions that are being held by ML employees. So in other words, BOA will be "swapping" employees to keep from paying out severence packages.
A good percentage of the 35,000 layoffs with ML and BOA will come within the Charlotte area was what I was also told.

Has anyone read anything in the paper concerning the Merrill Lynch outlook in Charlotte? Any inside info?

Could you explain what you mean a bit more? I’m not following you. You referenced Charlotte branches? BofA has advisors in branches? I thought they were in only a few select locations in certain cities. Wouldn’t the types of employees you’re talking about be in many different cities? Not just Charlotte.

And if they’re not going to fire these people for something such as insubordination, etc.; how could they get around paying them severance?

[Carolina Blue]

You know, I just remembered something else. BofA’s Wealth Mgmt group was headquartered in Boston; and then moved to New York with the Merrill Lynch merger. The bulk of that group’s people never worked in Charlotte. It sounds like someone has given you some bad info.

[jordysmama]

Originally Posted by Carolina Blue

You know, I just remembered something else. BofA’s Wealth Mgmt group was headquartered in Boston; and then moved to New York with the Merrill Lynch merger. The bulk of that group’s people never worked in Charlotte. It sounds like someone has given you some bad info.

I agree.

Almost all of Wealth Management is not in Charlotte...

[canuck941]

Originally Posted by Carolina Blue

And if they’re not going to fire these people for something such as insubordination, etc.; how could they get around paying them severance?

How could they get around paying them severance? What, do you think that is some sort of god-given right? If the company doesn't want to pay severance, they don't. You aren't entitled to it.

[Carolina Blue]

Originally Posted by canuck941

How could they get around paying them severance? What, do you think that is some sort of god-given right? If the company doesn't want to pay severance, they don't. You aren't entitled to it.

Do you even know what you're talking about? I'm no employment laywer, but I know severance pay is typical of most large companies the size of BofA and Wachovia. Not just banks, but all companies that size.

You might want to read this: Severance Pay – Why an Employer Might Want to Provide Severance Pay

[mzd]

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