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Goldman Sachs, Bear Stearns, Citi, Yahoo, American Express, Merill, Lehman, Merck, Wachovia, AIG, Legg Mason, Circuit City, Linen N Things, GM ... the list goes on!
each of these companies have either laid off more than 1000 employees in 2008 or plans to do so in next 3-6 months. the impact of most recent layoffs hasn't yet hit the market but when it does, things are going to get really bad.
a couple of my friends got laid off a few weeks ago and they are very aggresively looking for a new position, but at the same time they are realistic that they may not find anything until Feb 2009.
With news like this, home prices will plummet to 2002 levels.
Goldman Sachs, Bear Stearns, Citi, Yahoo, American Express, Merill, Lehman, Merck, Wachovia, AIG, Legg Mason, Circuit City, Linen N Things, GM ... the list goes on!
each of these companies have either laid off more than 1000 employees in 2008 or plans to do so in next 3-6 months. the impact of most recent layoffs hasn't yet hit the market but when it does, things are going to get really bad.
a couple of my friends got laid off a few weeks ago and they are very aggresively looking for a new position, but at the same time they are realistic that they may not find anything until Feb 2009.
Friend of mine in the financial industry claims when BOA is done with ML expect 10-15,000 to lose their jobs
Merrill Lynch (ML) is an Investment Bank, they just buy mortgage "backed" securities
I do not think they sell mortgages
Is the young entry level people who are getting laid off first or the older seasoned veterans of the Corps?
My guess is the more seasoned ones will go first. Trim the higher salaries and spread the job duties around to the lower paid workers.
Want to talk about crazy? One of my friends worked for ML, got transferred to Austin, TX, and when she moved there they told her they can't bring her on due to the cutbacks. So they paid for her and her husband to move all the way to Texas and they are both without jobs. Unreal.
Merrill Lynch (ML) is an Investment Bank, they just buy mortgage "backed" securities
I do not think they sell mortgages
Is the young entry level people who are getting laid off first or the older seasoned veterans of the Corps?
This is the rumor:
My informants tell me the BOA dudes are going over all the systems and headcount with expectations of 10,000 to 15,000 getting whacked. Thain(The CEO of ML) will get 5Million if the whacking will be complete by Dec31st, 2008 besides his salary and bonus, 50mm plus. Thank you taxpayer for helping out, the millionaires appreciate your donations. By the way, most of the people getting whacked make between 60k and 120k, average middle class. A lot of the big money dudes will be kept insuring the good ole boy network stays in place
My informants tell me the BOA dudes are going over all the systems and headcount with expectations of 10,000 to 15,000 getting whacked. Thain(The CEO of ML) will get 5Million if the whacking will be complete by Dec31st, 2008 besides his salary and bonus, 50mm plus. Thank you taxpayer for helping out, the millionaires appreciate your donations. By the way, most of the people getting whacked make between 60k and 120k, average middle class. A lot of the big money dudes will be kept insuring the good ole boy network stays in place
Some things never change. Any politician that voted for this bailout is a fraud.
Where are the regulations to stop these absurd bonuses and golden parachutes?
Citi and UBS has both already fired nearly 10k employees each. Barclays will do so very shortly after the Lehman merger. Morgan Stanley is in the process and is likely will let go 10-15% of its employees. Dell has let go 9k. it is truly shocking!!
how can the housing market recover when thousands are being laid off every week. how can the fundamentals of any economy recover without new jobs created? forget job creation, companies are struggling to even maintain their current work force.
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