Smith Barney to close or consolidate 38 branches

or Register to post new content in the forum

11 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.
Oct 15, 2008 8:36 pm

My branch is one of the 38.  As a relative noob (six months in production), they don't  have room for us in the nearest branch.  

Oct 15, 2008 8:39 pm

Dont know if should say sorry to hear that or congratulations  I think its kind of like the presidential election, the winner is the loser (He has to deal with all this crap for 4 years).

Oct 15, 2008 9:30 pm

What branch? PM me if you prefer.

Oct 15, 2008 9:33 pm

If you are six months in production and can somehow gut it out, you should do ok. I got going right before the last recession. Good times...

Oct 15, 2008 9:37 pm
Gordon Gekko:

If you are six months in production and can somehow gut it out, you should do ok. I got going right before the last recession. Good times...

 
I think you missed the point...he lost hs job.
Oct 15, 2008 10:29 pm

Yep, lost my job.  We were given one month's notice, so I have employment for about three more weeks.  I'm interviewing with other firms...MS, SN, NY Life, some independents, a bank. I'll be calling on other companies tomorrow too.  I'm looking at all options.  I don't want to go back to public accounting unless I have to.

Oct 15, 2008 11:19 pm

JBrowntown, I'm really sorry to hear that.  Best of luck to you in your search. 



I found this article on the SB closings and consolidations:
 

Smith Barney Closing Branches, Letting Managers Go

Oct 9, 2008 12:31 PM, By Kristen French


As part of a larger cost-cutting effort, Smith Barney is consolidating some of its branch offices and laying off a number of its branch managers. Sources inside the firm believe that about 30 branches will be closed, and that these will be mostly satellite offices, offices performing in the bottom quintile or geographically isolated offices.

One Smith Barney advisor says the office closings and consolidations are scheduled for November and December. But some offices have already heard they will be shuttered. Sources confirmed that the New York City office branch on Third Avenue will be closing, while the branch in White Plains is going through a “whole change.”

“A lot of layers of management will be cut,” including regional and branch level managers, says another top advisor at the firm in the Northeast. “There are two offices in Paramus, New Jersey. There’s an office in Mount Kisco, one in White Plains and another in Purchase—there should be one big one in White Plains, period. There are another six to eight offices in New York—you can bet there’ll be managers fighting for their jobs,” he says.

“Real estate consolidation and capacity decisions are standard business practice,” Smith Barney Spokesman Alex Samuelson said. “We decline to comment on specific branch rumors.”
Oct 16, 2008 12:23 am

I know of two branches newar me that they are closing

Oct 16, 2008 9:23 am

JB .....may I suggest you take a hard look at ie. NY Life. Excellent company and offers a broad product line. The emphasis will be on Insurance but you can expand your business to the Financial Products as you grow your practice. No , I have no vested interest. If their model appleals to you ....investigate.

Oct 16, 2008 7:55 pm

yo jb, try and get a job at a bank. you'll be better off in the long run.

 
good luck
Oct 16, 2008 11:47 pm

Thanks for assistance everyone!  I'll keep you posted.