Feb 6th: ML Cut Date

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Feb 4, 2009 8:04 pm

OK, so this Friday is the date that all directors must have completed their cuts.  At this point all office admin and trainees (POAs/PMDs) should have been let go.  We are going down to the wire on Sales Assistants- no CAs have been cut in my complex yet.  Just wondering what other ML'ers are seeing in CA/support cuts?





Feb 4, 2009 9:24 pm

once again i hear of this infamous date of feb. 6.  (again i'm in a top producing office in the tri state area).  our poa cuts were justified in that they really werent cut out and were also behind in their goals.  as for other staff cuts, there has been no mention of it.  however  i do see some ca's talking amongst each other.  the ubs office next store cut ten ca's about two months ago.  we lost a couple of smaller advisors and recruited some big guys.

what i'm concerned about is the poa/pmd program.  i hear conflicting info on this forum.  one says that the program is done, others say they are cutting piece by piece.  what i want to know is when we are nationalized what then happens?
Feb 4, 2009 10:34 pm

There have to be CA cuts coming.  CA ratios are based on production and with production dropping and guys leaving to other firms the ratios are not in line.

 
I do expect more POA/PMD cuts.  The POA/PMD guys in my complex who made the initial cut were warned under no uncertain terms that they have to be on track every step of the way.
Feb 6, 2009 1:54 pm

when Uguys are finally takenover by congress idiots say good bye to BankAmeriAir, live plants, subscriptions to trade journals, client dinners at 4star+ restaurants, and HELLO to GoTo meeting, Bank acquisition of frequent flyer milage, sub compact rental cars, and polyester shirt clad auditors from Charlotte.

Feb 6, 2009 8:34 pm

Nothing happened in our complex today.  I stopped in my Director's office and asked him what was up with all the rumours.  Basically, he said the Feb. 6th date is bullshit, but he has to cut a total of 8 CAs from the complex (we are the parent and there are associates).  We have lost some FAs, so going down 8 CAs probably won't be that bad.

Feb 9, 2009 4:00 pm

Word is that 10% of the CAs will be cut nationally.  It just crossed the Newswire.  Our CAs are in a meeting as we speak.