Merrill Lynch CA Layoffs

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Feb 17, 2009 8:23 pm

Rumor mill has it that the CA layoffs will happen this Friday.  Lots more good people out of work.  Still telling us Ken Lewis how great this merger is and how strong the 2 companies are?!?!?

Feb 18, 2009 4:46 pm

As in any merger, there are cuts.  I'm at ML and have lost several of my colleagues but it has been known that there is upwards of $7 billion in cost-savings that they are searching for (and obviously finding in POA/PMD, CA and management).  I'm not surprised by the cuts buy maybe a bit of the logic of individual choices.

 
I know of at least one manager-level individual being let go.  The date is 3/6 for that person.
Feb 18, 2009 6:08 pm

How many people who KNOW BAI have posted clear warnings about the fate or future of ML on this board? Hundreds if not thousands!  It's a colossal disaster and no matter how loyal a person is to Mother Merrill, it's not going to change or ever go back. The genie is out and it's one fu_king ugly Genie!

Feb 19, 2009 9:19 pm

I have been with ML for 21 years and the changes and cutbacks we are seeing now are the same as we have saw every time we have a market correction.  Without B of A our faith would have been the same as Lehman and we would all be on the street.  We can not forget that B of A is helping us and we are the anchor on their ship


Feb 19, 2009 9:37 pm
bull21:

I have been with ML for 21 years and the changes and cutbacks we are seeing now are the same as we have saw every time we have a market correction.  Without B of A our faith would have been the same as Lehman and we would all be on the street.  We can not forget that B of A is helping us and we are the anchor on their ship


and what happens when you throw an anchor overboard? 'Nuff said.
Feb 19, 2009 9:44 pm

We had 10 CA's in our complex let go today(covering approx 70 FA's). There was no guidelines...some were registered with LOS 15yrs-25yrs....others were brand new. The only consolation was the severance packages were quite good with some CA's getting close to 1 year. 

Feb 19, 2009 10:00 pm
ML for Life:

We had 10 CA's in our complex let go today(covering approx 70 FA's). There was no guidelines...some were registered with LOS 15yrs-25yrs....others were brand new. The only consolation was the severance packages were quite good with some CA's getting close to 1 year. 

 
Well, tomorrow should be fun.  Word travels fast in the CA world.
Feb 19, 2009 10:04 pm

99% sure I will be laid off tomorrow.  Pathetic thing is manager is going to be conveniently out of the office and someone else is coming in to do the dirty deed.  I always knew this was a classy guy   As difficult as it is, I at least have a backup plan and will be fine, but a lot of good people will not be as fortunate. 


In response to the poster about this being the same as the last market correction and we would have been worse without BOA.....
 
I wasn't in this business during that time so I can't speak to that.  What I can speak to is hearing my manager not 3 weeks ago telling me and the FA's in the office of how ML was secure as well as our branch.  He also said we should be fine and everything go forward as normal.  That is what makes me furious!  But it is just like the BS Ken Lewis and Thain were feeding us when the buyout was announced and as recent as January!
 
Feb 19, 2009 10:05 pm

Found out recently too that while the manager was saying his BS out of one side of his mouth, he has been talking to every firm he can about leaving.  Nobody wants him.  Like I said....classy guy

Feb 20, 2009 7:42 am
merrillnomore:

99% sure I will be laid off tomorrow.  Pathetic thing is manager is going to be conveniently out of the office and someone else is coming in to do the dirty deed.  I always knew this was a classy guy   As difficult as it is, I at least have a backup plan and will be fine, but a lot of good people will not be as fortunate. 


In response to the poster about this being the same as the last market correction and we would have been worse without BOA.....
 
I wasn't in this business during that time so I can't speak to that.  What I can speak to is hearing my manager not 3 weeks ago telling me and the FA's in the office of how ML was secure as well as our branch.  He also said we should be fine and everything go forward as normal.  That is what makes me furious!  But it is just like the BS Ken Lewis and Thain were feeding us when the buyout was announced and as recent as January!
 
 
Good luck today!  Glad you have a backup plan in place.  Everyone needs at least one in this environment.
 
Feb 20, 2009 10:51 am

We just had a CA let go in our office. She was probably the best CA in the office but was let go simply because she wasn't registered. They kept a brand new CA who isn't even that good simply because he is registered. This is just wrong in so many ways.

Feb 20, 2009 11:30 am

I was laid off this morning as expected.  I am registered, worked for several FAs and ran the operations side of the office.  They are going by how much they pay somebody and it has nothing to do with registration.  Remember the people making these decisions are bean counters and their job is to cut costs which is exactly what they are doing.


Best of luck and wishes to all the wonderful CAs out there who are losing their jobs today.