ML PMDs?

or Register to post new content in the forum

121 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jan 20, 2009 6:02 pm

I heard in my office today that approximately 800 PMDs were going to be laid off shortly.  Has anyone else heard this?

Jan 20, 2009 6:09 pm

What's a PMD?

Jan 20, 2009 6:09 pm

I think it's ML version of a trainee..

Jan 20, 2009 6:10 pm

Merrill's advisor training program.  (Those that entered the new program from 3/08 to the present).

Jan 20, 2009 6:25 pm

Pretty Much Dead

Jan 20, 2009 7:54 pm

i'm poa in one of the top offices in ml.  my manager nor director has mentioned anything of that sort.  they do however stress being on target.  if anyone thinks for a second that they are safe because they are in a training program or just graduated then you are wrong.

bac will cutt across the board.  good luck.
Jan 20, 2009 9:17 pm

Jan 21, 2009 8:00 am

Heard the same thing through the grapevine yesterday. It looks like my complex will be dumping over half of our PMD class, unless the numbers also include POAs. Then we would be around a quarter of the training program. Pretty big drop for a complex that faired well during the last culling of POAs. Anyone know if it is just PMDs or if the numbers also include POAs?

Jan 21, 2009 5:07 pm

 maybe trainees could become licensed bankers at bofa, build a book, then go indy or morgan stanley

Jan 21, 2009 7:10 pm

I heard the same from an FA in South Florida. Are you in that region?

I think this is just the second wave of many. $7-10 billion in expenses to be cut over the next 3 years?  You have to produce 125k+ PCs before you are even breaking even for the firm. I don't know too many POAs or PMDs that are doing that.... Guess who's an expense.

Jan 21, 2009 7:19 pm
mothermerrill:

I heard the same from an FA in South Florida. Are you in that region?

 
Yes, I'm in the Southest Division.  According to my manager, we should know something by Monday at the latest.
Jan 21, 2009 9:00 pm

75% of the Poa's and PMD will be let go on Friday

Jan 21, 2009 9:23 pm
bull21:

75% of the Poa's and PMD will be let go on Friday

 
Fact or guess?
Jan 21, 2009 9:26 pm

we had an fa meeting with our director today after the close.  he discussed about all the layoffs in senior management and really did not get into fa or office staff cuts. usually when he has little info on that topic, that some big news is around the corner.


again the focus is to bring in assets. if the senior guys do not get thier retention this friday, morgan stanley will be the big winner of 25 -million + producers.
this forum is great. it gives all the info that we never hear.  im poa on a big team and do not hear much about poa/pmd so any info is appreciated.  if i hear anything on my end, i will pass it along.
Jan 21, 2009 10:02 pm

Fact,  Management had 3 calls yesterday afternoon to discuss the PMD cuts and how they are to be handled on Friday.  The next cut will be Ca's followed by 20% of the Directors

Jan 21, 2009 10:12 pm
bull21:

Fact,  Management had 3 calls yesterday afternoon to discuss the PMD cuts and how they are to be handled on Friday.  The next cut will be Ca's followed by 20% of the Directors

 
Kind of follows what I saw in the office today.
Jan 21, 2009 10:43 pm

I also get the vibe that this is the end of the road. I have met every hurdle, but there are signs that that is not good enough anymore.



Merrill has never lived up to their end of the bargain, and recently the environment has become extremely difficult. What blows is how the rules have changed midstream. Their reputation has crumbled to the point of becoming a laughing stock.



It seems like yesterday when I wondered if I could live up to the terms of the contract. I never visualized that it would be the other way around.





Jan 21, 2009 10:43 pm
bull21:

Fact,  Management had 3 calls yesterday afternoon to discuss the PMD cuts and how they are to be handled on Friday.  The next cut will be Ca's followed by 20% of the Directors



Any criteria for who they keep of those in the training program?  You think they are pretty much axing anyone who is not close to graduating the program? 

Jan 21, 2009 11:01 pm

Man, do I have bad timing

Jan 21, 2009 11:05 pm

I received indication from my resident manager this afternoon that I will be spared the axe; for now at least. Most of my colleagues will not be so lucky. My understanding was that it was strictly a management decision between our MD, coach and local RMs. I know most of the guys had better numbers than I did (also were up a couple months on me), but they indicated it was based on long term potential. Who's to say. For PMDPers, I would recomend taking out personal belongings tomorrow afternoon, no matter how good your numbers are.