Thread regarding Bank of America layoffs

Q3 Earning

If trading revenue down again, shouldn’t bank lay off more Trading Managing Directors? Shouldn’t traders hold accountable for their P&L? Shouldn’t those expensive trading MDs who don’t make money be fired? Back when trading make money, only traders benefit. But when trading incurred big loss, entire bank suffered and other division paid. Not to mention many trading managing directors are here because of nepotism rather than business results. If they can’t bring more revenue, why don’t bank replace them with cheaper hardworking Directors?

by
| 4903 views | |
Post ID: @101aiuav

48 replies (most recent on top)

To all of those impacted tomorrow don't forget to checkout your local meetup to celebrate a better life.

by
|
Post ID: @101aiuav-14fwc

Counting down Sep18

by
|
Post ID: @101aiuav-13nps

Q3 is almost there

by
|
Post ID: @101aiuav-Lqpi

Volcker relief makes trading great again!

by
|
Post ID: @101aiuav-Cohk

Nothing like clock blocking first thing in the AM

by
|
Post ID: @101aiuav-Cmds

@Bhql are you one of those incompetent traders?

by
|
Post ID: @101aiuav-Ceck

I agree. To be honest I kind of find your passion kind of s-xy as well.

:)

by
|
Post ID: @101aiuav-Belj

@Biaq you don’t need to create revenue if your in risk doing risk management. You do need to create revenue if you are a trader. If a trader keep saying he is doing risk management helping loss less money, then he should move to risk.
Trader is risk taking position. Compensation should purely based on P&L

by
|
Post ID: @101aiuav-Bnym

I personally find risk management kind of s-xy.

Definitely worth the investment.

by
|
Post ID: @101aiuav-Biaq

Trader needs to make money! Some traders argue that their risk management skills helped company lose less money. That’s b—s—

by
|
Post ID: @101aiuav-Bvbk

@Azci cost-performance ratio is a better KPI

by
|
Post ID: @101aiuav-Bebf

OP is naïve

by
|
Post ID: @101aiuav-Aric

More compensation, more responsibility. Layoffs need to look at price-performance ratio. If one MD’s cost is equivalent to multiple VPs, and VP is actually doing work, then maybe lay-off should start from MD

by
|
Post ID: @101aiuav-Azci

OP is interesting

by
|
Post ID: @101aiuav-zqke

BAML Equities need less MD and Director. MD and Director need to deliver business results.

by
|
Post ID: @101aiuav-yfev

Need reduction in front office

by
|
Post ID: @101aiuav-xufg

Incompetent MD is everyone’s enemy. They are stealing your bonus

by
|
Post ID: @101aiuav-wcvv

@wyma

Short seller here.

Please keep everyone.

by
|
Post ID: @101aiuav-wpgj

Too many directors and MDs create politics not revenue

by
|
Post ID: @101aiuav-whny

BAC shareholder here. Compare its peers, BAML trading is less efficient. It needs to cut both headcount and expense

by
|
Post ID: @101aiuav-wyma

May OP’e dream come true

by
|
Post ID: @101aiuav-vxgl

BAML like to give fat guarantee bonus to external hires. These directors or MDs arrive here but can’t grow revenue. In other banks, they will be fired but not in BAML. BAML is mercy.

by
|
Post ID: @101aiuav-vspy

Everyone in sales & trading need to prove how they directly or indirectly create revenue. If not, they should be moved to GT&O. If front office are doing same thing as we do, why they get paid more and experience less lay-off?

by
|
Post ID: @101aiuav-uqvs

if trading headcount and compensation is not linked to p&l, how can you evaluate everyone else performance based on business result?

by
|
Post ID: @101aiuav-ugkp

wait until summer end

by
|
Post ID: @101aiuav-tqsl

redundancies everywhere

by
|
Post ID: @101aiuav-rffi

BAML Equities is inefficient. Management need to cut expensive managers and managing directors who can’t create revenue.Some teams are too large. Today’s equities townhall Equities management shall give everyone an answer

by
|
Post ID: @101aiuav-qsbe

Tough market. Q3 can be another hard quarter for trading

by
|
Post ID: @101aiuav-ofcq

@hjvb Citi quadruple the number
https://finance.yahoo.com/news/citigroup-trading-cull-begins-bank-155745135.html

by
|
Post ID: @101aiuav-ktss

Let's help MD.

BP 39 calls for Oct $0.89

  1. 3% dividend should attract some interest after the beat down the last couple of days.

Exdivi should be coming up next week

by
|
Post ID: @101aiuav-kpqi

OP is day dreaming. Many MDs are still here even though they don’t deliver business results.

by
|
Post ID: @101aiuav-imrg

OP’s dream won’t come true. Many trading managing directors become MD not because they are good but because they have VIPs on their back. They are good at finding excuses and scapegoats. They can stay here even though they didn’t deliver business results because of nepotism.They should give seats to hardworking and aggressive VPs and directors.

by
|
Post ID: @101aiuav-iiey

I never see anyone as insistent as OP

by
|
Post ID: @101aiuav-hblo

OP, we all wish your dream come true

by
|
Post ID: @101aiuav-hxox

OP is closer to her / his goal

by
|
Post ID: @101aiuav-hyun

@hjvb OP’s dream come true!

by
|
Post ID: @101aiuav-hxzr

I think you are about to get your wish:

https://www.bloomberg.com/news/articles/2019-07-29/citigroup-plans-to-cut-hundreds-of-trading-jobs-as-revenue-falls?srnd=premium

by
|
Post ID: @101aiuav-hjvb

@gtsy rates cut is bad for bank

by
|
Post ID: @101aiuav-gpzc

@fejc we will see in two days

by
|
Post ID: @101aiuav-gtsy

@eitl rates cut happen this week, let us what happen

by
|
Post ID: @101aiuav-fejc

Post a reply

: