We are now ready to confirm some of the reports flying around the internet about layoffs at Cahill Gordon. We now have multiple tipsters who work at Cahill who can confirm that there were significant layoffs at the firm last Thursday.
Our tipsters don’t know the numbers of cuts — and the firm has rebuffed our repeated requests for comment on the story — but some tipsters report that as many as ten percent of associates were let go.
The timing of last week’s cuts seemed to rankle some of our sources. On Wednesday, Cahill announced Half-Skadden bonuses. But on Thursday associates were called in for their “annual review” and told that they were being let go … and that they would not be receiving the 2008 bonuses the firm announced the day before.
As we understand it, first and second years were spared. But everybody else was fair game.
Working all of 2008 and still not getting a 2008 bonus has to sting. But the firm did give a 3 month severance package.
Still, the firm apparently doesn’t want to talk very much about their decision to fire people without giving them their bonuses. Tipsters weigh in after the jump.