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everybodies_friend

Senior London Staff At Merril Lynch Not Being Paid At The End Of This Month

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This morning I was chatting to senior lady who works at Merrill Lynch.

To cut a long story short, she was moaning; all the senior staff are not getting paid on the last friday of this month. They normally get paid last friday of the month.

The were notified last week that due to a cash short fall they will be paid sometime in August at a date not yet known.

EBF

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Hang on. Is this a normal event? In the professional partnerships it is perfectly normal not to be paid (completely) if there is a shortfall in the amount of physical cash collected. I cannot believe that the salaries of senior staff in ML amount to a material sum such that deferring them will place the bank in a materially better position.

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Hang on. Is this a normal event? In the professional partnerships it is perfectly normal not to be paid (completely) if there is a shortfall in the amount of physical cash collected. I cannot believe that the salaries of senior staff in ML amount to a material sum such that deferring them will place the bank in a materially better position.

I dont know the ins and outs, she said that this had never happened before in all her 15 years of working there. She is a manager there and not a partner.

EBF

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I dont know the ins and outs, she said that this had never happened before in all her 15 years of working there. She is a manager there and not a partner.

EBF

Surely, if she isn't a partner, it would be a criminal offence to trade without money for salaries?

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If this is happening then I am sure its not because of a cash shortfall. If so, they would be failing to adhere to their liquid capital adequacy requirements and would be in serious serious trouble with the FSA.

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I was Managing Director at Merrill Lynch until last January. It is just not possible, the story is not believable. Merrill Lynch is not a partnership but a public company. Even people of highest rank (and I was one of them) are employees and that would be treated consistently at pay day. I am also still plugged in with senior management there and I haven't heard anything like this. Things are bad at ML but the company is still paying salaries to employees.

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I was Managing Director at Merrill Lynch until last January. It is just not possible, the story is not believable. Merrill Lynch is not a partnership but a public company. Even people of highest rank (and I was one of them) are employees and that would be treated consistently at pay day. I am also still plugged in with senior management there and I haven't heard anything like this. Things are bad at ML but the company is still paying salaries to employees.

Are you Attila the Stockbroker then? Welcome aboard, I admire your work - Ron

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I was Managing Director at Merrill Lynch until last January. It is just not possible, the story is not believable. Merrill Lynch is not a partnership but a public company. Even people of highest rank (and I was one of them) are employees and that would be treated consistently at pay day. I am also still plugged in with senior management there and I haven't heard anything like this. Things are bad at ML but the company is still paying salaries to employees.

It is true, I am not saying they will not be paid, just that they will be paid later next month. I have spoken to the person and they have re-confirmed it.

They were told last friday. This is senior management, i dont know the structure of the company, someone else intially mentioned partners and I clarified that if wasnt.

The person who told me has no reason to lie, she is a senior manager there. You say it " It is just not possible, the story is not believable" well I have had it from the horses mouth. You are either out of the loop, or have other motives.

EBF

Edited by everybodies_friend

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It is true, I am not saying they will not be paid, just that they will be paid later next month. I have spoken to the person and they have re-confirmed it.

They were told last friday. This is senior management, i dont know the structure of the company, someone else intially mentioned partners and I clarified that if wasnt.

The person who told me has no reason to lie, she is a senior manager there. You say it " It is just not possible, the story is not believable" well I have had it from the horses mouth. You are either out of the loop, or have other motives.

EBF

Also, ML pays the salaries on 21st of the month... and not on last Friday. In any case, we'll know more on Fri when ML annouces quarterly results. A company can't just stop paying salaries...and as someone else pointed out, the amount would be too little to have any impact on ML finances. Can't understand the reason behind, maybe it is just me!

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Also, ML pays the salaries on 21st of the month... and not on last Friday. In any case, we'll know more on Fri when ML annouces quarterly results. A company can't just stop paying salaries...and as someone else pointed out, the amount would be too little to have any impact on ML finances. Can't understand the reason behind, maybe it is just me!

Sorry I stand corrected, I meant this friday. I wrongly thought this friday was the last of the month. Anyway the woman was told last friday that she will not be paid THIS friday.

Lets wait and see, it will be very interesting.

EBF

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I was Managing Director at Merrill Lynch until last January. It is just not possible, the story is not believable. Merrill Lynch is not a partnership but a public company. Even people of highest rank (and I was one of them) are employees and that would be treated consistently at pay day. I am also still plugged in with senior management there and I haven't heard anything like this. Things are bad at ML but the company is still paying salaries to employees.

I think you forgot quite an important "a" in your first sentence. From what I can gather every other person is a Managing Director at Merrill Lynch and the like. First time I met one I was quite impressed and thought they must have been important... second time round a bit less so.

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I was Managing Director at Merrill Lynch until last January. It is just not possible, the story is not believable. Merrill Lynch is not a partnership but a public company. Even people of highest rank (and I was one of them) are employees and that would be treated consistently at pay day. I am also still plugged in with senior management there and I haven't heard anything like this. Things are bad at ML but the company is still paying salaries to employees.

I'd tend to agree, I can't see this being in the realms of possibility. If this were true, then Merrill Lynch would almost certainly have to be bankrupt, in which case this would have been reported by now.

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Strange 'everybodies_friend' is employed as a police officer in an earlier post!

:ph34r:

I am a civilian worker at Hendon. I have never said I was a police officer. I am not going in to anymore specific details as I dont want to ID my friend. Lets wait and see. But you will be eating humble pie next week.

EBF

Edited by everybodies_friend

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Newbie comes along and posts outlandish and unlikely story. Yeah right.

I have been here since October of last year, I read HPC everyday. Why can you not accept that this is what I have been told. It will be marvelous when I can say I told you so. I have been a member of HPC longer than you.

EBF

Edited by everybodies_friend

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I have been here since October of last year, I read HPC everyday. Why can you not accept that this is what I have been told. It will be marvelous when I can say I told you so. I have been a member of HPC longer than you.

EBF

I believe the ex-MD. Although, to be fair, I suspect MD is a lightly used title within ML. A bit like 'Vice President' at Goldmans...

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I have been here since October of last year, I read HPC everyday. Why can you not accept that this is what I have been told. It will be marvelous when I can say I told you so. I have been a member of HPC longer than you.

EBF

I think this is believable, and it will merely be a cashflow issue. Definitely one to watch.

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I think this is believable, and it will merely be a cashflow issue. Definitely one to watch.

Yes, I see no reason to doubt everybodies_friend, as long as their friend has got the facts right.

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I think you forgot quite an important "a" in your first sentence. From what I can gather every other person is a Managing Director at Merrill Lynch and the like. First time I met one I was quite impressed and thought they must have been important... second time round a bit less so.

No, that's not remotely accurate. You'd have a point with Bear Stearns maybe, but not Merrills.

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I was Managing Director at Merrill Lynch until last January. It is just not possible, the story is not believable. Merrill Lynch is not a partnership but a public company. Even people of highest rank (and I was one of them) are employees and that would be treated consistently at pay day. I am also still plugged in with senior management there and I haven't heard anything like this. Things are bad at ML but the company is still paying salaries to employees.

Agreed, totally implausible. Are there any deferred comp payments due round about now that might be delayed by a few weeks for some reason maybe?

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  • 399 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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