Posted on 08/18/2011 11:31:59 PM PDT by fight_truth_decay
CHARLOTTE, N.C. – 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, The Wall Street Journal reported in its Friday edition, citing people familiar with the situation.
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 range of cuts, but one person familiar with the situation said at least 10,000 jobs are likely to be eliminated.
(Excerpt) Read more at foxnews.com ...
looks like welfare for yuppies is about to end.
None of those will be at the top, those responsible for the mega losses BofA experienced and continue to be paid exorbitant salaries.
I know, some of you will wail we should not limit salaries, the people at the top earn those salaries because they are worth it in a free market and all that rot. Put me down however as someone who says if the top screws up, the top should pay.
Actually, some of those at the top should be in jail for a long time for the havoc they have foisted on our country. The top decision makers at the banks take most of the blame for this current financial mess.
Same old, same old ... lay off thousands here, hire thousands there (India, China, Philippines).
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