BofA rookies laid off

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Mar 6, 2009 11:21 pm

I got a friend that works at BofA. He told me that all of,well, most of them, the financial consultants with less than 2yrs tenure were laid off.

 
Crazy. 
Mar 7, 2009 11:24 am

Are they the equivalent of a financial specialist that works at a wachovia/wells fargo branch?

Mar 7, 2009 12:42 pm

They were full time, fully licensed financial advisors.


Mar 7, 2009 1:50 pm

They had brokers that took referrals from branch managers for $5mm+ clients (supposedly). I had a friend that was about to jump ship to go to them about 6 months ago because they were going to pay him a salary. I'll bet he saw his life flash before his eyes.

Mar 8, 2009 12:54 pm

Not a shock since they cleaned out nearly 1,000 POA/PMDs recently.  They will continue to work their way up the ladder of seniority and productivity.  At least that is my guess.

Mar 8, 2009 10:00 pm

I interviewed w/then back in August of 08.  Thank goodness I didn't take that one-it seemed to be too confusing.  The local market director was trying to sell me on the referrals, several branches, etc, and the payout wasn't all that good-I think a flat 30% or so.  

Mar 11, 2009 1:22 pm

I think SB is about to do the same, probably June before the merger. Anyone know where I can jump ship to in Miami, FL? Worst case scenario I'd be cool to be an Assistant on a team, or independent group to start in the biz again once the dust settles.

Mar 12, 2009 12:19 pm

any idea how many were laid off?...have any correspondance? I am helping place large numbers of rookies less than 2 years into a few top firms.

Mar 12, 2009 12:21 pm

are the layoffs from the "pathways" program?

Mar 12, 2009 4:34 pm

do you have an estimate of how many were laid off?

Mar 12, 2009 4:40 pm

do you know how many? I need an estimate number for an article

Mar 12, 2009 5:31 pm
FormerMD:

do you know how many? I need an estimate number for an article



parasite

Mar 13, 2009 12:07 am

There were about 125 of us and yes it was from the Pathways program.

Mar 17, 2009 7:53 pm

Word is that ML hopes to begin hiring new FAs into its PMD program in the 3rd or 4th quarter.  This directly from Lyle Lamothe.

Mar 18, 2009 9:57 am

After everything that has happened within the firm why would anybody be interested in joining Grandmother Merrill? Many firms will be opening their doors to new trainees later this year but this past 6 months has damaged the industry (Mainly wirehouses) in the long term.

Is it Wirehouses or Wirehomes? Just food for thought...

Apr 8, 2009 7:04 pm

Does anybody know how this affects you on your U4?  I think I'm on the block now that my firm has announced another round of cuts coming.

 
What would my rights be in that sort of situation?  I'm concerned that if they put something on my U4 like performance that it will effect future employment, when reality is that I was top quintile until the market took a s*** all over the planet.  Now, I'm in the bottom half and I know that it is coming.
 
Advice is definitely appreciated.
 
Apr 8, 2009 7:54 pm

When you leave a firm, you are usually mailed a copy of your U5 (notification of termination of firm registration) within a few weeks. You'll see whatever they've written then. No real option other than arbitration if something negative is stated. I know several people who had the same situation and the firm answered all "no" all the way down the form, which is what you want. There's just not a big incentive for a firm to do otherwise unless it's a specific situation.

Apr 8, 2009 8:27 pm
xbanker:

When you leave a firm, you are usually mailed a copy of your U5 (notification of termination of firm registration) within a few weeks. You'll see whatever they've written then. No real option other than arbitration if something negative is stated. I know several people who had the same situation and the firm answered all "no" all the way down the form, which is what you want. There's just not a big incentive for a firm to do otherwise unless it's a specific situation.

 
Thanks for the advice.  I looked at the template of the U-5 and i couldn't see getting anything until page 14:@[email protected][email protected]/documents/appsupportdocs/p015114.pdf" target="_blank">http:[email protected][email protected][email protected]/documents/appsupportdocs/p015114.pdf
 
Hopefully, number failure won't kill me for any future employment opportunities.
Apr 9, 2009 11:43 am

The POA's that were laid off from Merrill didn't have any real negative affect on their U4. It was described as cost reduction or something like that, not job performance even though a lot of them were not meeting hurdles. Not sure if BAI will do the same but if its another layoff situation I would think it would be.

Apr 17, 2009 12:26 am

did the people who were getting salary get any form of severance? or just let go, laid off.