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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.
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.
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. ????
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!
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...
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?
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