Fellow AFers: I just saw the news and wondered whether it is safer to stay at Merrill or move into a new job at UBS GAM. BTW, my job at Merrill is within Finance as a Equity Derivative Product controller. The job at UBS GAM is Fixed Income Business Analyst supporting the portfolio manager. Your advise is much appreciated. http://news.hereisthecity.com/news/business_news/8371.cntns Merrill Lynch CEO John Thain was interviewed by Bloomberg TV in Dubai earlier Monday. He talked generally on the ecomony at large, but was a little more specific about job losses likely due to his firm’s impending merger with Bank of America. Thain predicted that ‘thousands of jobs will go’ in the new company, and that these will fall mostly in support functions like information technology, finance and operations. Significantly, Thain said that there would be little, if any, jobs lost in fixed income (are there any jobs left there ?) and commodities. It’s still early days (the deal is due to close at year-end), however, as Thain confirmed that the two firms hadn’t yet start to map out ‘in terms of (the) actual number of people, but we are committed to saving $7bn across the combined platform, and that will be a challenge…Between our two companies, it will be clearly thousands of jobs’. Although Reuters reported last month that Merrill alone could see 24,000 of its 41,000 non broker (financial advisor) jobs being cut, Here Is The City feels that the number it likely to be significantly lower and that Bank of America’s investment banking franchise it likely to take a severe beating in terms of job losses, as it is the weaker platform of the two. Having said this, the economic situation and outlook for earnings is deteriorating, and already there’s speculation that job cuts could be deeper than originally thought. The combined retail brokerage business was originally thought likely to be immune from any downsizing, but the third-quarter results posted by Merrill’s retail brokerage operations were disappointing, and job losses are now thought to be more likely there going forward.
At this point in the ballgame, unless there is significant bucks waiting for you at the new gig, I would hold out for a bonus.
salvaNJ, the problem is there will be none, as Merill has lost more than 20 billion to date.
Understandable, but I don’t think they will zero everyone out. You do that and watch more than half of their employee base walk out the door.
Do you really think people will walk if they get zero bonus this year? Where would they go? There are probably hundreds, if not thousands, of people waiting in the wings to take their place.
This is the kind of year were if you are a top performer and they want you around for the foreseeable future, you will be taken care of. If you are an underperformer and haven’t already gotten the ax, then you will get shut out. I’m not saying that a top guy will get 100% of '07 comp, but he certainly won’t go home empty handed. This is also for fo FO guys, if you are BO, you are on your own…
just me their are not 1000’s of people waiting to work at ML.
Doesn’t the merger at Merrill officially happen in December and thats when they decide who gets axed?
Nike, this is correct end of year the merger or takeover will be complete, probabaly same time deciding who to go
Run. As fast as you can. The businesses that are hiring right now (UBS GAM apparently) is therefore a lot safer. Forget bonuses. ML will not be the place where they are paid out this year.
Got some specifications on the job? That should also be considered in the decision
Will you be the liaison between the IT team and the Portfolio Managers? Business Analysts are usually expected to interpret what the financial division needs, docuement that stuff in BRD’s and then push it to the technology team to start implementing the software. Is that what u’ll be doing at UBS?
dinesh.sundrani: This will be part of the role, mostly is to support the Portfolio Managers to ensure that the data used for FI analytics is 100% accurate. Skills required: „X bond characteristics and valuation, „X swap characteristics and uses, „X instrument types (floating rate securities, MBS, inflation linked, FI futures), „X fixed income analytics (duration types, yields, etc.), „X ratings, „X classifications.
I could have wait for the payout, which is tax free and take a holiday.
theKing Wrote: ------------------------------------------------------- > dinesh.sundrani: > > This will be part of the role, mostly is to > support the Portfolio Managers to ensure that the > data used for FI analytics is 100% accurate. > > Skills required: > > „X bond characteristics and valuation, > „X swap characteristics and uses, > „X instrument types (floating rate securities, > MBS, inflation linked, FI futures), > „X fixed income analytics (duration types, yields, > etc.), > „X ratings, > „X classifications. wow. Looks like an awesome gig and if all this is offered under the name of UBS. Do seal the deal, no 2nd thoughts on that. I was in a similar kind of situation when LEH went under and made a good move to this sweet new gig. Do let me know the work location and team/division. It’s quiet possible I might be writing softwares for you 
dinesh.sundrani, where are you currently working and assuming that you are a developer
Some payouts are quite generous…if that is the case then i’d take the cash…you got a 3 months easy then a wodge of cash! Especially if you are financial backgrund…how many peeps on this forum come from the IT side? i never knew CFA was that popular with IT peeps…
UBS is going to sponsor me both time and money for Level III.
yeps, I am a developer.