Management Cuts at Merrill
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I heard management is starting to be let go at the complex level. Is this firm wide?
Who was cut? BAI’s management was cut two months ago and the rest are trying to justify why they should keep there jobs.
First there stock goes in the toilet and now they are in with it.
I wonder how there ego's are holding up? In a way I do feel sorry for the people but I know over the years they back stabbed a lot of people on there way up.They got rid of all the business managers firm wide, as well as other operations employees on the Merrill side. They justified this by saying that corporate will handle expense for the region. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Also, about a week ago Ken Lewis said in an interview they are only about 1/4 of the way through the 35,000 layoffs announced at the end of last year.
[quote=archie0428]
They got rid of all the business managers firm wide, as well as other operations employees on the Merrill side. They justified this by saying that corporate will handle expense for the region. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Also, about a week ago Ken Lewis said in an interview they are only about 1/4 of the way through the 35,000 layoffs announced at the end of last year.
[/quote] Our Business Manager has not been cut. I know that he has mentioned to me that he was nervous but nothing yet. We had two managers cut as of 3/20 along with our receptionist. We are down to six managers in our rather large complex as of today (down from eight).When I was told I was being laid off, I found out our complex business manager was being let go after being with ML for about 30 years. My local office found out how lame they are when all the FA’s left for greener pastures. Complex Director lying about things was last straw…
I have to admit that our director has kept us upt to date and how not mis-stated anything as yet. I can only hope that we can keep the rest of our six managers and that we don’t see more cuts on a complex level.
That being said, Lewis DID say that we've got a long way to go to get to that 35,000 layoff number. This is odd because of the message received about beginning hiring of new PMDs in the 3rd/4th quarter '09 from Lamothe.