Monday, September 15, 2008

Merrill/Bank of America Will Fire 20,000 plus

On its conference call this morning, Bank Of America/Merrill Lynch said that as part of their merger they will be able to save $7 billion annually.

Henry Blodgett calculates this to mean 20,000 will be fired.

His assumptions:

$5 billion of the $7 billion is compensation costs (the rest is real estate) at
$250,000 average compensation per employee.

The sound you hear is falling Manhattan real estate prices.

-Robert Wenzel

at 10:38:00 AM
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4 comments:

  1. peskypeskySeptember 15, 2008 at 11:04 AM

    As someone who's looking to buy an apartment in NYC, I really hope prices do fall...but I'm not holding my breath. NYC real estate prices seem to defy all logic.

    ReplyDelete
  2. RobertSeptember 15, 2008 at 4:24 PM

    >> $250,000 average compensation per employee.

    some people are way f*cking overpaid

    ReplyDelete
  3. AnonymousSeptember 15, 2008 at 4:25 PM

    > peskypesky said...
    > As someone who's looking to buy an apartment in NYC

    Will you adopt me ? I can cook and code.....

    ReplyDelete
  4. AnonymousSeptember 15, 2008 at 5:43 PM

    @Robert

    some people are way f*cking overpaid

    Not anymore:)

    ReplyDelete

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