Tough Day at work

[Mmalone999]

Tough Day. Just survived a 10% workforce reduction at my job. (BOA Subsidiary) Saw a few good people go though, and absorbing their workload is going to be interesting. Wish me luck! I’ll def be smoking tonight…

 

[ThroughHisStomach]

Hang in!

 

[danthebugman]

Yikes. Fire up a good one.

Dan

 

[Kenman25]

Tough Day. Just survived a 10% workforce reduction at my job. (BOA Subsidiary) Saw a few good people go though, and absorbing their workload is going to be interesting. Wish me luck! I’ll def be smoking tonight…

I feel you bro! Call me if you wanna spark it up!

I had a pretty shitty day as well so id be down for a little smoke!

 

[Vegan702]

Which subsidiary? Anything on the appraisal side?

 

[Strickland]

Well, on a positive note, Congrats! At least you're one of the still-employed...

 

[Mmalone999]

No...commodity trading. It's actually a ML company. Thought we might be spared from the layoffs, but guess not. Hopefully that's it!

 

[jwintosh]

well, good for you. whew.

 

[Tobacco Giant]

Unfortunately BOA is in such crappy financial shape they have every incentive to reduce the work force. That sucks but it seems like they value your service more than your salary at this point, so that's good. Good luck going forward.

 

[Skitalets]

That sucks, brother. I'm surprised traders are getting hit so hard with all the volatility in the market. I'd think there's plenty for you guys to do.

 

[GoingPostal]

Just be happy that your working and keep your head up.

 

[SmokeProper]

Do you work for Green Tree?

 

[Highlander]

I know the feeling.

I actually had a BOFA recruiter pretty much offer me a position about a month ago. I turned it down as I know several people that work that and are shaking in their boots right now.

 

[keinreis]

I am prob speaking out of my ass because I have no real info, but it almost seems as a lot of BOA's problems stem from mortgage BS, and most of that was because of their purchase of Countrywide. Keep your head up.

 

[Mmalone999]

Do you work for Green Tree?

No, Merrill Lynch Commodities

Our unit is steady bringing in money for BOA, although at a much slower pace than in years past. Hopefully BOA finds a way to settle all these mortgage issues soon. Oh well, new day, and hopefully a 3 day weekend!

 

[Tobacco Giant]

I am prob speaking out of my ass because I have no real info, but it almost seems as a lot of BOA's problems stem from mortgage BS, and most of that was because of their purchase of Countrywide. Keep your head up.

That's certainly part of it. They also overpaid for ML when they bought it during the financial crisis. Also, and this part hasn't even fully kicked in yet, but the Dodd Frank bill is going to add a lot of red tape to the entire industry and it's causing a lot of uncertainty right now, making it difficult for any banks to confidently move forward and make the necessary investments for future success.