The day after the american jobs act is announced BAC thinking of letting 40,000 go!!!

Discussion in 'Economics' started by S2007S, Sep 9, 2011.

  1. S2007S


    Nothing new in this economy, just more job cuts coming from the financial sector, the day after they announce another huge jobs bill bank of america announces the possibility of letting go 40,000 jobs. Of course who was going to actually believe the american jobs act plan is going to work anyway!

    Bank of America: We are Considering a Whopping 40,000 Job Cut

    On Friday September 9, 2011, 9:23 am

    Bank of America could cut 40,000 jobs as part its new restructuring plan, the Wall Street Journal reports. While the number of jobs to be cut has not been finalized, Bank of America officials are discussing reducing the bank’s workforce of 280,000 over a period of years, with 40,000 job cuts the top number being considered.

    Bank of America officials met Thursday in Charlotte, North Carolina, where the bank is based, to discuss the reductions, and will meet Friday as well to finalize their decisions after five months of work. Investors have been pressuring the company to improve its performance after its stock has halved this year.

    Only yesterday it was reported that Bank of America planned to close 600 branches as part of CEO Brian Moynihan’s “Project New BAC,” which would split the company’s banking operations in two, separating consumer from commercial units. Now the Journal is reporting that BofA has proposed job cuts that would exceed the bank’s last big cutback in 2008 when it called for 30,000 to 35,000 job cuts over three years.

    Only weeks ago it was reported that Bank of America planned to cut 3,500 jobs by the end of September, and as many as 10,000 jobs as part of a wider review. And earlier this month, the Charlotte Observed reported that the bank’s officials were discussing cutting 25,000 to 30,000 jobs over the next few years.

    Don’t Miss: Obama Proposes $447 Billion Plan to Create Jobs

    On Tuesday, BofA announced a reorganization of its senior management team, which included letting go of consumer bank chief Joe Price and wealth management head Sallie Krawcheck as part of a “de-layering” process.

    Banks around the world have been shedding jobs as higher capital requirements and a tough second quarter for trading took their toll, particularly on investment banking units. Over 70,000 planned staff cuts have been announced at U.S. and European banks this year by other top firms including HSBC , Goldman Sachs , Citigroup , Morgan Stanley , UBS , Deutsche Bank , Barclays , Royal Bank of Scotland and Lloyd’s .
  2. once again, your point is?

    Your post re-cap key points of news most of the time. So, I would imagine that non of this surprises, even a Liberal Like you.

    How is that Hope and Change working out for you?

    Oh, yea ...for got to highlight that the Ass Clown in office called Mr, I've been lucky Buffet to speak about "ECONOMICS". Then, Mr Buffet, a Socialist ..... Bought heavy into BAC.

    Interesting as the FED's could not bail out another bank.

  3. TGregg


    You gotta hand it to The One. He's bring Epic Fail to a whole new level.
  4. Bond Trad3r will leave the forums forever if the American Jobs act is passed substantially as is or if the U. S. Postal Service goes bankrupt resulting in 120,000 or more postal employee layoffs.
  5. trader967


    IMO market players are looking for a cathartic bank failure to bring us to capitulation. I thought Soc Gen might be the sacrificial lamb but James Bullard was just on BNN saying that he doesn't see Europe allowing a bank to fail. He says that "too big to fail" and moral hazard is still a problem in the U.S., and that having a bank fail might curtail moral hazard and "help to change the pricing in the markets". This is strange logic to me. Perhaps he is getting us ready for the idea that BAC might fail.
  6. Lucrum


    I'll alert the media.
  7. Lucrum


    Rumor has it Websters is adding Obama's image next to the term in their dictionary.
  8. lol

    Game over folks. The final quarter of this year is going to wake the media up into printing "DEPRESSION 2" on headlines.

    If you live in one of the many Depressed States Now, you better pack up and move. Your jobs are on the line, your freedom is on the line and it will be pure hell once the "Free-loaders" take to your streets and towns to protest and riot.

    It's gona be very ugly for most of the country.