Posted on 08/18/2011 11:37:32 PM PDT by TigerLikesRooster
Reports: Bank of America to ax 10,000 or more jobs
By:The Associated Press | The Associated Press Follow Us @ap | 08/19/11 12:55 AM.
Bank of America Corp. is cutting 3,500 employees this quarter and working on restructuring plans that will ax several thousand more jobs, The Wall Street Journal and The New York Times reported citing people familiar with the situation.
The reports Friday said that the job cuts at the biggest U.S. bank by assets might exceed 10,000 or about 3.5 percent of its current work force.
The retrenchments are part of CEO Brian Moynihan's efforts to engineer a recovery at BoA, which was hit hard by the bursting of the housing bubble. Its share price has fallen nearly 50 percent so far this year.
(Excerpt) Read more at washingtonexaminer.com ...
P!
wow
bump
Blame it on automated teller machines.
Before the last guy leaves, can you mark off my mortgage account as “Paid in Full”?
It is becoming apparent that branch banks are becoming irrelevant. As paychecks are directly deposited and debit and credit cards have made cash and checks obsolete for many, there is no need for all the branches.
When a computer allows the bookkeeper to do most of the banking from her desk, there is no need for the frequent trips to the bank.
When Fidelity and Schwab receive the deposits and issue the cards and charge nothing for ATM withdrawals from any ATM, the branch necessity becomes even less necessary.
Jobs at branch banks are on the chopping block
“Before the last guy leaves, can you mark off my mortgage account as “Paid in Full”?
“
LOL!.
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