More Merrill layoffs?
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Your question really has more than answer because we operate on 2 different platforms. So basically it depends on what platform you are on. We have the Classic channel; which is probably more like what you are describing, and we also have the CHOICE platform which allows a full-service b/d. There are details that would take forever to cover on here, but give us a call or shoot an e-mail. I would be happy to discuss it with you. I would be surprised if you were enjoying a higher payout than what we have to offer.
Great…I’d rather get laid off than our CAs. They’re awesome and have been here a very long time. I can find something else.
That would make sense. I don’t imagine the huge teams with 10-15 employees are going to be forced to cut staff. Now, I assume the firm absorbs a certain % of the CA salaries, but above that the teams pays. Just like at Jones - you get one BOA, and then the firm will pay for additional one’s based on branch production. But if you don’t meet those production requriements, and still want additional staff, you can pay for it out of your production.
By the way…I haven’t seen anymore FA/PMD layoffs over the past couple of weeks like I heard. You got to think it’s coming looking at the value of BAC.
We are definitely still seeing Merrill trainees looking to move. We had 3 just today.
Would you say that folks in the PMDP that are newer or older hires have more to worry about? I’ve heard some say that even though they’re hitting their hurdles in the PMDP, they’ve been let go. This doesn’t make sense to me if ML is still throwing money after new PMDs who haven’t even acquired their licenses yet. Maybe it’s a geographical thing?
And does the performance of a particular branch or complex have much to do with those targeted for layoffs?According to my boss it is a geographical thing. But not to take anything away from her I had a friend in NJ who was told by her boss on Thursday she was safe and then she was let go on the next Monday…and it was a surprise to her boss as well.
If you read earlier postings I think you'll find folks that were hitting their hurdles have been let go. I'm in my 3rd year in the industry but my 5th month with Merrill. I'm not bringing in diddly (noone is having much success around here bringing in new business), I'm getting a pretty decent salary and quite honestly, have no idea why I'm still around. Therefore geography must have a large part to do with it. BUT - notice the big BUT - geography will not compensate long for the lack of performance. So my heart is 100% here but I've got a couple of toes testing the waters.Cautiously Opt, I am pretty much in the same boat you are. I have met my hurdles and survived the big layoff, but I know people who had more assets than me who were let go. I’m not sure why I was spared but I have more than a few toes testing the waters right now. I would like to stay at Merrill and grow my book here but the future is much darker than when I started here 2 years ago.
I have never seen such loyalty to any brokerage firm like Merrill brokers have for their firm.
Even with the massive changes, terrible press and imminent layoffs, those guys still have their heads held up high. Very impressive.WHen I came here 5 months ago I was so proud. I’ve been a bit embarassed since. I’m under a contract though that I don’t think will hold much in this climate…5 kids, deep recession, fear of layoffs. I don’t think any arbitrator with a beating heart would side with a firm that passed out millions to rich execs over someone just trying to take care of a family. Funnier things have happened, though.
Anywhoo, I do want this to work with Merrill.I wouldn’t worry about your contract. Your contract was signed with Merrill but you are now a part of BofA and the Merrill name is all that is left. Unless you have signed a new contract with BofA/Merrill I would think you should be in the clear.
Good point. But isn’t it written somewhere in the crystal-clear jurisprudence venacular buried in some file on the 1,000,000th floor of BoA HQ that any obligations employees had to Merrill are still enforceable? I ain’t no law-yer, but that just don’t make no sense, nope, none.
Yeah, especially coming from a guy that said "we had no idea the amount of debt on Merrill"s books."It may be there but Ken Lewis wouldn’t understand it if it were there anayway
At least Merrill is honest and calls a layoff a layoff.
Jones tries to make it out like it’s something else. There surprised that production
is down this year? Like I’m surprised that a rat turd falls when I drop it to the ground.
I’ve worked at both Merrill and Jones. Merrill is better at calling a spade a spade. A
layoff is a layoff and a pion is a pion. I always appreciated the honesty while I was at
Merrill. You knew clearly where you stood.
At Jones they’re laying people off too but they’re calling it something else. They’re
taking a stinky little piece of poop, spraying it pink, and saying it’s good for you.
It’s tough to drink the kool aid these days.
[quote=Swordoftruth] At least Merrill is honest and calls a layoff a layoff.
Jones tries to make it out like it’s something else. There surprised that production
is down this year? Like I’m surprised that a rat turd falls when I drop it to the ground.
I’ve worked at both Merrill and Jones. Merrill is better at calling a spade a spade. A
layoff is a layoff and a pion is a pion. I always appreciated the honesty while I was at
Merrill. You knew clearly where you stood.
At Jones they’re laying people off too but they’re calling it something else. They’re
taking a stinky little piece of poop, spraying it pink, and saying it’s good for you.
It’s tough to drink the kool aid these days.[/quote]
Do all of your analogies involve fecal matter?