BofA rookies laid off
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I wouldn’t call it a severance package but the Merrill POA’s that were let go got two weeks pay and health benefits through the end of the month.
At Merrill, I was paid to the end of the month, approximately 2 weeks. Insurance was covered until the end of the month. Nothing past that.
Mixed signals seem to be present around the hiring / firing of new trainees at ML. What’s the latest, or does it just depend on area of the country?
Per a meeting on Monday in my complex, our director says that there will be hiring for PDP in the “near future” but on a reduced scale with approximately 600 new hires to start nationally which we represented as an average of one new hire per office. He viewed it as an opportunity to be “highly selective.”
Not a shock since they cleaned out nearly 1,000 POA/PMDs recently. They will continue to work their way up the ladder of seniority and productivity. At least that is my guess.
bondo, with an improving market and economy (hard to argue things are getting better), I would be surprised to see that happen.
The comp plan recently announced may cause attrition from FA's that aren't hitting certain levels of production, but I don't think we'll see management-induced layoffs like we did with the POA/PMD program the last 6 months.
Word in my office was that they were going to start hiring new PMDs very soon, but doing so with less of a "revolving door" mentality - really seeking candidates that they truly feel can cut it.