BondTrader_IHB
New member
145 people got the ax 
, including some credit analysts and PMs....
, including some credit analysts and PMs....
Mass Layoff in my company
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Layoffs were denied barely a week ago (if I'm guessing right). I agree with Acpme--please tread cautiously for your own sake. I do appreciate the market commentary, like many others here.
Soo... when are you going to start your own bond trading company? A little primer course (on bond trading) might be in order
-bix
All companies have been through this type of events, when they decide to quit a business, and Google is not immune.
Google has cash and is the market leader but they will take this opportunity to prune their failed bets.
If they are smart, as I think they are, they will do it.
Since that failed business was based in Google Irvine, it cannot be ruled out that they won't be affected.
It wasn't PIMCO that axed 145 people. Just because he is in OC, and just because he goes by the name BT, doesn't mean that PIMCO is the only one who trades bonds in OC. I can see why you veered to PIMCO, but if you read closely, then you know he ain't at PIMCO.
Rocker_IHB
New member
My company has had 2 types of layoffs: programmed job eliminations but with the option of applying for another job inside the company (you have 3 to 6 months, it depends) and surprise massive layoffs: go take your stuff and leave (your supervisor or a security guard watching), after that the surviving few have a meeting with their supervisor to "improve" morale.
Now, to me this is like corporate musical chairs, there are very good people that just because they are in the wrong place at the wrong moment they got kicked out of the company: sorry the music stopped and there's no chair for you, what I'd do is take my head "out of the sand" and look around to a sea of possibilities of things to do, I'm prepared.
Now, to me this is like corporate musical chairs, there are very good people that just because they are in the wrong place at the wrong moment they got kicked out of the company: sorry the music stopped and there's no chair for you, what I'd do is take my head "out of the sand" and look around to a sea of possibilities of things to do, I'm prepared.
BondTrader_IHB
New member
I survived, for now, but just feel depressed seeing people crying and stuff, doesn't feel like going back to the building after lunch.
bkshopr_IHB
New member
Are you in OC?BondTrader said:
BondTrader_IHB
New member
I'm in Irvine, company in newport beach (that's an easy guess)
McMansion, you right, we are not a public company and won't do a press release for the layoff.
McMansion, you right, we are not a public company and won't do a press release for the layoff.
acpme_IHB
New member
i only mentioned because my wife is in a similar profession as you. she mentioned by phone to me that some ppl in her dept got laid off today. then your post. i put 2+2 together. when i copied and pasted your post for her and asked, "is this you guys?", her response was she couldn't believe someone had already posted it online.
although the company isn't publicly traded, i agree there's no reason that why info couldn't be shared since it can't impact share price or something. but i could understand a private company not appreciating that massive layoffs were made public on the internet minutes/hrs after they disclosed it privately to employees.
totally just speculating... thanks for sharing, we're all worried to hear about IHBers and their family members losing jobs and breath a sigh of relief when they're spared. just don't want you to get into any possible trouble for being too open here.
although the company isn't publicly traded, i agree there's no reason that why info couldn't be shared since it can't impact share price or something. but i could understand a private company not appreciating that massive layoffs were made public on the internet minutes/hrs after they disclosed it privately to employees.
totally just speculating... thanks for sharing, we're all worried to hear about IHBers and their family members losing jobs and breath a sigh of relief when they're spared. just don't want you to get into any possible trouble for being too open here.
Daedalus_IHB
New member
BondTrader said:
Layoffs were denied barely a week ago (if I'm guessing right). I agree with Acpme--please tread cautiously for your own sake. I do appreciate the market commentary, like many others here.
Rocker_IHB
New member
Well, as far as I know, here in CA if there's a mass layoff of 50 or more (don't remember the exact number) the information *must* be disclosed to the EDD, they include that info in their monthly reports, now I don't know if they release the name of the company, but there's a law that the company must share that info with the state goverment.
ABC123_IHB
New member
Does this have anything to do with this thread?
BondTrader_IHB
New member
Thanks for all your concern,
Pimco had its first round a couple weeks ago, got rid of a couple PMs and AEs.
Pimco had its first round a couple weeks ago, got rid of a couple PMs and AEs.
biscuitninja_IHB
New member
BondTrader said:
Soo... when are you going to start your own bond trading company? A little primer course (on bond trading) might be in order
-bix
Rocker_IHB
New member
The number of employees is 10, I didn't find a time period.
Here's the link to the official information. There's a form that must be filled by the employer and faxed or mailed.
http://www.edd.ca.gov/Unemployment/Mass_Layoffs_and_Wage_Notices.htm
more:
The UI (unemployment insurance) program is financed by employers who pay unemployment taxes on
wages paid to employees. The tax rate varies for each employer depending in
part on the amount of UI benefits paid to former employees.
If your former employees file jobless claims your UI tax rate increases, that's why the state gov. tracks layoffs.
Here's the link to the official information. There's a form that must be filled by the employer and faxed or mailed.
http://www.edd.ca.gov/Unemployment/Mass_Layoffs_and_Wage_Notices.htm
more:
The UI (unemployment insurance) program is financed by employers who pay unemployment taxes on
wages paid to employees. The tax rate varies for each employer depending in
part on the amount of UI benefits paid to former employees.
If your former employees file jobless claims your UI tax rate increases, that's why the state gov. tracks layoffs.
Rocker_IHB
New member
first PIMCO in Newport Beach, now Google in Irvine??
I know for a fact that Google has their Radio Ad biz in their offices in Irvine (on Jamboree Rd. and McArthur)
I tried to confirm my own recollection and I couldn't find their Irvine office in their webpage, (in the past you could find it)
http://www.google.com/support/jobs/bin/static.py?page=loc.html&loc_id=1100&dep_id=1173&by_loc=1
This is just based on my own speculation, ok?, I don't have anything to do with Google at all, I'm only a happy user.
Good paying jobs leaving So. Cal at a faster pace, not good, the giant sucking sound it's getting louder and louder.
The Radio Ads biz didn't make a lot of sense in the first place, so probably was just an overexpansion of Google, same as Starbucks, just because you are Google or Starbucks not everything that you touch will become gold, the recession is giving a humble pie for everybody, different size depending how big your ego was...he he.
I know for a fact that Google has their Radio Ad biz in their offices in Irvine (on Jamboree Rd. and McArthur)
I tried to confirm my own recollection and I couldn't find their Irvine office in their webpage, (in the past you could find it)
http://www.google.com/support/jobs/bin/static.py?page=loc.html&loc_id=1100&dep_id=1173&by_loc=1
This is just based on my own speculation, ok?, I don't have anything to do with Google at all, I'm only a happy user.
Good paying jobs leaving So. Cal at a faster pace, not good, the giant sucking sound it's getting louder and louder.
The Radio Ads biz didn't make a lot of sense in the first place, so probably was just an overexpansion of Google, same as Starbucks, just because you are Google or Starbucks not everything that you touch will become gold, the recession is giving a humble pie for everybody, different size depending how big your ego was...he he.
Bond Trader, first of all, like others, I am sorry to hear the bad news.
Even though you are relatively new here, I always enjoy reading your posts. It just so happens that I have a background that might give you some useful perspective in this situation. I work in defense, and have spent the majority of my career in the defense industry. The Clinton administration was a particularly bad time in the industry as the nation took a holiday from history and our national defense was systemically weakened. The entire industry experienced a lot of downsizing, and layoffs were endemic everywhere. Yet whether I was working as an FTE or a consultant, I survived countless layoffs. It is from this vantage point that I'd like to give you a little advice.
First of all, it's important to understand the macro environment of your industry and the micro environment of the company you work for. Pay attention to who is doing what and if it looks like the long term trend for your company is down, prepare to take advantage of any opportunities that arise with stronger players in the industry. Even though the financial sector is hemorrhaging, there are opportunities created as the playing field changes.
Secondly, what I am about to say is far easier to say than to do, but doing it is still important. Try to set aside the normal human emotions of fear, uncertainty and doubt. Uncertainty about your own future can break your concentration and cause your work quality to suffer. Filling in gaps as people you depended on disappear through layoffs and resignations makes day-to-day work much more difficult. But just keep in mind that you weren't laid off today for a reason. Though you may or may not be able to prevent your company from going under, performing well in the current environment can ensure that you are one of the last to be considered for a layoff. Not only that, but as the playing field within your organization is changed, certain opportunities present themselves in the form of crises that must be addressed. If you can maintain your head and make the best of the situation, not only will you drop far down the "next-to-go" list, but you can rise up the corporate ladder at the same time.
Uncertainty is never easy on anyone. But there are things going on right now that you simply can't control. Don't worry about the things you can't control and focus on controlling the things that you can control and things will usually work out for the best.
Even though you are relatively new here, I always enjoy reading your posts. It just so happens that I have a background that might give you some useful perspective in this situation. I work in defense, and have spent the majority of my career in the defense industry. The Clinton administration was a particularly bad time in the industry as the nation took a holiday from history and our national defense was systemically weakened. The entire industry experienced a lot of downsizing, and layoffs were endemic everywhere. Yet whether I was working as an FTE or a consultant, I survived countless layoffs. It is from this vantage point that I'd like to give you a little advice.
First of all, it's important to understand the macro environment of your industry and the micro environment of the company you work for. Pay attention to who is doing what and if it looks like the long term trend for your company is down, prepare to take advantage of any opportunities that arise with stronger players in the industry. Even though the financial sector is hemorrhaging, there are opportunities created as the playing field changes.
Secondly, what I am about to say is far easier to say than to do, but doing it is still important. Try to set aside the normal human emotions of fear, uncertainty and doubt. Uncertainty about your own future can break your concentration and cause your work quality to suffer. Filling in gaps as people you depended on disappear through layoffs and resignations makes day-to-day work much more difficult. But just keep in mind that you weren't laid off today for a reason. Though you may or may not be able to prevent your company from going under, performing well in the current environment can ensure that you are one of the last to be considered for a layoff. Not only that, but as the playing field within your organization is changed, certain opportunities present themselves in the form of crises that must be addressed. If you can maintain your head and make the best of the situation, not only will you drop far down the "next-to-go" list, but you can rise up the corporate ladder at the same time.
Uncertainty is never easy on anyone. But there are things going on right now that you simply can't control. Don't worry about the things you can't control and focus on controlling the things that you can control and things will usually work out for the best.
Rocker_IHB
New member
Anonymous said:
All companies have been through this type of events, when they decide to quit a business, and Google is not immune.
Google has cash and is the market leader but they will take this opportunity to prune their failed bets.
If they are smart, as I think they are, they will do it.
Since that failed business was based in Google Irvine, it cannot be ruled out that they won't be affected.
usctrojanman29_IHB
New member
Wow, that's very surprising. I'd think that PIMCO was busier than every with the new business from the FED but I guess not. Taking to a few search firm folks, a lot of employers are laying off the weak links and then replacing some of them with "upgrades" or someone who is more experience/educated for less money. I guess during the strong job market many employers overpaid for some of their new hires and this economy is a great excuse in letting them go. The search firm folks said that these jobs will never be posted up on the job boards internally or externally for a reason.BondTrader said:145 people got the ax
graphrix_IHB
New member
usctrojanman29 said:Wow, that's very surprising. I'd think that PIMCO was busier than every with the new business from the FED but I guess not. Taking to a few search firm folks, a lot of employers are laying off the weak links and then replacing some of them with "upgrades" or someone who is more experience/educated for less money. I guess during the strong job market many employers overpaid for some of their new hires and this economy is a great excuse in letting them go. The search firm folks said that these jobs will never be posted up on the job boards internally or externally for a reason.BondTrader said:145 people got the ax
It wasn't PIMCO that axed 145 people. Just because he is in OC, and just because he goes by the name BT, doesn't mean that PIMCO is the only one who trades bonds in OC. I can see why you veered to PIMCO, but if you read closely, then you know he ain't at PIMCO.