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Bank Of America Is Cutting 10,000 Jobs

Posted by on Aug. 19, 2011 at 1:36 PM
  • 20 Replies

Bank of America

 

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.

"I know it is tough to have to manage through reductions," Moynihan wrote in a memo to the company's senior executives late Thursday, according to the reports. "But we owe it to our customers and our shareholders to remain competitive, efficient and manage our expenses carefully."

Many other banks and financial institutions are also cutting staff. They are under pressure to improve returns to investors amid a weak U.S. economy and new restrictions on lucrative trading and banking activities that were blamed for contributing to the 2008 financial crisis.

The WSJ said the initial 3,500 job cuts are spread across BoA's business including investment banking and trading.

by on Aug. 19, 2011 at 1:36 PM
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Replies (1-10):
singlemomof2nok
by Bronze Member on Aug. 19, 2011 at 2:34 PM

 That's a lot of jobs they are cutting out

earthangel1967
by on Aug. 19, 2011 at 7:10 PM

simple frown

Stormy6669
by on Aug. 20, 2011 at 12:07 PM

That sucks! This is not good at all.

ta2dirishlass
by on Aug. 20, 2011 at 12:07 PM

B of A irks me.

mumsy2three
by on Aug. 20, 2011 at 12:16 PM


Quoting earthangel1967:

simple frown


Miss-B
by on Aug. 20, 2011 at 12:17 PM


Quoting singlemomof2nok:

 That's a lot of jobs they are cutting out



sheri305
by Bronze Member on Aug. 20, 2011 at 12:40 PM

Quoting Stormy6669:

That sucks! This is not good at all.


sdgd21
by Bronze Member on Aug. 20, 2011 at 1:43 PM

wow...but on the other hand I felt these banks where doing very well with all the $ they've been taking from me BOA especially, they have taken enough for one person salary form me alone lol!

Charli627
by on Aug. 20, 2011 at 4:26 PM
Lol. Our bank took out 30 and sign us up for some membership thing. And it was not authorize by us. Which brought our account under. Then they charge us and additional 49 in over draft fees. Took them a few days to reverse it. Ridiculous

Quoting sdgd21:

wow...but on the other hand I felt these banks where doing very well with all the $ they've been taking from me BOA especially, they have taken enough for one person salary form me alone lol!

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TheJerseyGirl
by Silver Member on Aug. 21, 2011 at 7:46 AM

 OMG!

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