Banc of America Investment management layoffs

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Jan 21, 2009 8:59 am

It looks like the bank is going towards a more wirehouse type structure.  They are announcing "Complex Directors" today.  Markets are getting merged and Market Directors are either getting promoted to run them or laid off.  Consolidating at every level up to senior management.

 
Yesterday, they let go many of the Market Managers (the ones on the CM side).  It doesn't seem to be any future integration between Premier Banking and BAI. 
Jan 21, 2009 1:36 pm

Has anyone heard if BAI or ML plans on firing any FA's?  My guess is that they will just let the new comp plan starve them out.

Jan 21, 2009 4:09 pm

Two market directors were shown the door today in Maine, from what I hear.  GONE - Bye-bye.


Way to go BAC


Way to show you find value in your people.
Jan 21, 2009 5:10 pm

I talked to a buddy at BAC- confirmed 2/3rds of the Market Directors nationwide got the axe. There were something like 60, now there are just over 20.  I also heard that many were former Merrill guys, and not one of them survived. Appears that a little retribution was involved even for those who left Merrill years back to join BAC.  

Jan 21, 2009 6:31 pm

We lost our market director today. A great guy. Confirmed that 40 out of 60 were let go. That is just the current BAI Market Directors. Also supposedly 1/2? I believe of the Merrill Managers were let go.


Multiple levels of management being consolidated also .
 
All from overpaying for a company that everyone said was being overpaid for. Ken Lewis needs to be shown the door at the next board meeting. His stupidity has cost good people their jobs.
Jan 21, 2009 7:39 pm

I would certainly hope that WFC would take notice here and boot a few of our underproductive, useless POS WB complex/market managers.  Funny how AGE never needed any such position and the grease still got to the gears in an effective manner.

Jan 21, 2009 11:10 pm

South Campus - if they are letting the BAI MD go say in a state  - does that BAI which remains report to the MER MD?  Are they adding to the MER offices?

Jan 22, 2009 10:04 am

bancofamicgo:

The BAI advisor would report to the BAI MD that didn't get laid off.  That remaining BAI MD is being renamed Complex Director.   Total integration between the two companies isn't expected to be completed for at least 12 months.
 
Jan 23, 2009 3:06 pm

More of this bull for another year?  I just don't know if I can hang with much more.  I knew I worked for the man, but I guess I was optimistic that the man isn't really as evil as I thought.  Turns out I was wrong. 

I'm at ML, and I really am sorry for how this is hurting BAC employees.  I'm sure they're being beaten up just like we are.  None of us out here on the floor did anything to deserve this garbage.  There are a lot of very good advisors in my office that have watched the reputation of their company go down the drain, along with their retirement accounts.  No credibility left.