Skip to comments.Bank of America Set to Slice Jobs: Many More Seen [BofA: Double-Dip Bellweather?]
Posted on 08/18/2011 9:42:37 PM PDT by Steelfish
AUGUST 19, 2011 Bank of America Set to Slice Jobs Reductions Total 3,500 in Current Quarter; Many More Seen
BY DAN FITZPATRICK
Bank of America Corp. is cutting 3,500 jobs in the current quarter and working on a broader restructuring that could eliminate thousands of additional positions, people familiar with the situation said.
The 3,500 positions are spread across the nation's largest bank by assets, including investment banking and trading, and the cuts are expected to be completed by the end of September. Some employees already have been notified.
Thousands of additional reductions are expected as part of an aggressive overhaul known as "Project New BAC," after the Charlotte, N.C., bank's ticker symbol. Executives at the bank still are discussing the possible ...
(Excerpt) Read more at online.wsj.com ...
I’m glad they’re taking this step to stay solvent so the anarchists will still have some assets to grab when they take over Wall Street on September 17th.
More unemployment. I wonder if the bankers there are panicking and getting more agitated at the thought of the bulls-eye Obama is putting on their back, delivering them up as scapegoats.
This is a business that has earned the need to die.
It is a worthless business.
It should have disappeared long ago. If there is a market created that needs to be filled someone else will step up to do it. Die Bank of America, you deserve it. And so does your evil bastard child with the Merrill Lynch legacy.
... a gun placed to the head of Bank of America to go through with the merger, the Republican memo said.
The banking industry has been a disaster from an employment standpoint as mergers & acquisitions have led to a lot of back-office duplication, accompanied by a simultaneous push to outsource many back-office functions.
As someone who works with banks, I must say the oddest trend is the number of Americans I used to work with (in various banks) being replaced by Asians, but here in the US. While the “replacements” can do the work, there is definitely a difference in the mastery of English, and I often wonder what became of the Americans that had held those jobs.
When Bank of America dies, Wall Street and the Fed will be able to declare victory in destroying Charlotte, NC as a rival banking center to NY. They got Wachovia during the 2008 crisis and almost succeeded in giving Wachovia’s good retail banking assets to the floundering Ciibank. Wells Fargo stepped in at the last minute and grabbed Wachovia recognizing the giveaway being orchestrated by the Fed. The Fed put a gun to BOA’s management and forced BOA to buy the terminal Merryl none of the NY banks would touch. Since then Wall Street, The Fed, the state of NY have been relentless in a war of attrition to bring down BOA.
Meanwhile the insolvent NY banks have been propped up by the Fed and the Treasury and the Wall Street boys are back to earning billions speculating with the IRA and 401K savings of average Americans and facilitating the ongoing transfer of America’s industrial infrastructure to Asia.
I’d be sorry for Charlotte but happy to see BOA go. It was once a good bank when it was Nations, then the merger and it truly became the bank of the south, way south, south of the border.
I left when they let my excellent personal banker go and I had to stand in the lobby while hoseA and hoseB cashed their checks, I couldn’t find a parking place because of all the landscape trailers and the tellers began making comments to one-another in spanish when I did my banking.
They also engage in some very unscrupulous practices like releasing their mailing lists, adding unwanted services without notice and so forth.
Sorry for Charlotte but good by BofA and good riddance if it comes to pass.
As for Wall Street, you are correct. The IRA and 401K were made in heaven for Wall Street and came from hell for the working man. Wall street makes money rain or shine, good times or bad, win or lose and the working man is the loser.
Andrew Jackson had it right, the FED needs to go.
Old Hickory must have said it from his grave. He died in 1845, and the FED was created in 1913.
Uh, you may want to brush up on your history a bit more. The Fed was first chartered by Washington against the wishes of both Madison and Jefferson. In fact, the charter pretty much ruined the friendships with Washington. Washington chartered the Fed out of a feeling of debt to Hamilton who had very tight connections with New York banking interests.
Jackson got rid of the Fed in the 1820s or somewhere around there.
Wilson rechartered it in 1913 during the frenzy of populism that also brought us the income tax and the change in how we get our spinators.
You are correct. Thanks for the refresher. However, I stand by my tag line. :-)