Bank of America cutting 30,000 jobs

Source

NEW YORK (CNNMoney) -- Bank of America said Monday that it plans to eliminate 30,000 jobs as part of a plan to save $5 billion.

The announcement came after Chief Executive Brian Moynihan outlined the bank's strategy at an investor conference in New York.

BofA has already disclosed plans to eliminate a total of 6,000 jobs this year. And it recently announced a management shakeup that effectively will split the bank into two units: one serving consumers and one serving commercial clients.

The bank said it expects a "significant portion" of the reduction in headcount to occur through attrition and the elimination of unfilled positions. BofA had a total of 287,000 employees as of June 30.

Well, I had already posted about the beginning of BoA's certain demise with closing 600 branches and this seems to be accelerating.

This is quite grim to the 30,000 people that are being laid off but the fact that their employer is corrupt and crooked and partially responsible for the sticky situation that the US is in show have been a tell.

They should have quit working for this monster and maybe it would have died before this mess. They are doing the work for something that is destroying the economy.

Any thoughts?

Pred...

Wasn't tarp supposed to save those jobs? O and his jobs plans? You gotta love them.

ehmm...this is part of Obama´s jobs plan?? or....

Originally posted by sonofliberty1776
Wasn't tarp supposed to save those jobs? O and his jobs plans? You gotta love them.

No the tax breaks they get was supposed to save the jobs not to mention all the bailout money they stole from us. We need a new law you cut jobs we cut tax breaks.

Everyone has their opinion, but I think Bank of America has been on a crash for awhile now. I can't believe they haven't gone down yet. What's more interesting is the missing files from Wikileaks that pertained to BoA, and could have caused their collapse much sooner. Strategic business planning in my opinion. Grab what you can before it all sinks.

God you folks there in the USA have got some serious flipping problems to say the least.
I see some big ships sinking just like the titanic fast and furious.
The captains in this case will not go down with the ship I do believe.
Good luck from a neighbour here in Canada.
Regards, Iwinder
S&F

These pigs take our money through gangster politics, line their pockets, and then toss Americans into the street

A swift and brutal hanging will not be good enough for some of these sick bastards.

Originally posted by Iwinder
God you folks there in the USA have got some serious flipping problems to say the least.
I see some big ships sinking just like the titanic fast and furious.
The captains in this case will not go down with the ship I do believe.
Good luck from a neighbour here in Canada.
Regards, Iwinder

We're not far behind buddy. If things go sour in the US we will be the first to follow, we rely on the US much more than they rely on us.

We are all on the same boat.

Pred...

Originally posted by predator0187

Originally posted by Iwinder
God you folks there in the USA have got some serious flipping problems to say the least.
I see some big ships sinking just like the titanic fast and furious.
The captains in this case will not go down with the ship I do believe.
Good luck from a neighbour here in Canada.
Regards, Iwinder

We're not far behind buddy. If things go sour in the US we will be the first to follow, we rely on the US much more than they rely on us.

We are all on the same boat.

Pred...

Well said. To anyone who thinks an American collapse will not bring your countries economy down, good luck with that. That being said, I believe our markets fully anticipate BoA going out of business.

Originally posted by predator0187

Originally posted by Iwinder
God you folks there in the USA have got some serious flipping problems to say the least.
I see some big ships sinking just like the titanic fast and furious.
The captains in this case will not go down with the ship I do believe.
Good luck from a neighbour here in Canada.
Regards, Iwinder

We're not far behind buddy. If things go sour in the US we will be the first to follow, we rely on the US much more than they rely on us.

We are all on the same boat.

Pred...

I don't believe we had the corruption here that the US did for one thing you never could and still can't get a mortgage for a home if you can't prove you have the means to pay it back.
Our employment rate here is far better if not fabulous compared to the states right now.
I think our saving grace was the fact that the hyped up bank mergers about ten years ago got shot down real fast.
Remember CICB and the Royal Bank.
TD and Scotia Bank?
I remember that like yesterday and the banks here had the balls to tell the government they made a grievous error in blocking the mergers.
They said bigger banks are more stable..... LOL
Anyways I don't want to derail your thread here, as in Canada versus USA.
Good thread so far and I imagine it is going to have some real peed off people posting here.
Regards, Iwinder

reply to post by predator0187


When I looked in (new topics) and saw the title of your thread....I immediately thought... of course they are having a massive layoff; there are so many people suing them as well as the Feds.

I really think they are going to go (belly up).

For those of you who may not be familiar with the slang term (belly up)...it means....complete failure.

I am really glad I don't bank with them.

Originally posted by buster2010
No the tax breaks they get was supposed to save the jobs not to mention all the bailout money they stole from us. We need a new law you cut jobs we cut tax breaks.

And they'll simply cut investments.

look at Canada, if the US falls they will take Canada with us, and we are going to get a crash course in a rough economy like this, if persay BoA does fall it could pretty much ruin NA

Originally posted by greenCo
ehmm...this is part of Obama´s jobs plan?? or....

From what I read this more or less followed obama's speech almost immediately. Course it didn't get the prompt headlines because the bogeyman terror warning was first in line

this sounds like Lehman brothers all over again, but with the European aspect added.

brill

reply to post by brill


I agree, this is just Lehman brothers all over again. It's funny how we never learn from our mistakes hey?

I guess if all continues down this path we will have a repeat of 2008 again, if not, worse.

Pred...

Originally posted by buster2010

Originally posted by sonofliberty1776
Wasn't tarp supposed to save those jobs? O and his jobs plans? You gotta love them.

No the tax breaks they get was supposed to save the jobs not to mention all the bailout money they stole from us. We need a new law you cut jobs we cut tax breaks.

tying tax cuts to jobs -- yep that's in Obama's jobs bill.

Tarp wasn't part of the bailout. BOA was one of the banks that had to swallow - other failed banks. Tarp was nothing about jobs it was about preventing a general bank holiday.

reply to post by predator0187


Poor bastards. I worked for Citi Mortgage when they fired 40k people in one go .. then we had a joke that only a bank would lay off so many people right before Christmas.. And indeed, once again, the banking compassion is seen. Those people will likely be on the job until November/December. And when a bank lays off 30k+ people, it usually also translates into 100k+ jobs more through various contractors.

reply to post by Rockpuck


And that's true, it will probably end up being more jobs for other people. The fact is they will probably not he paid as well as the previous employees.

I still think it's a old and heartless thing to do, laying off people before Christmas and in such large numbers, but the fact of the matter is that BoA is going down and they are trying to make it as smooth as possible.

Pred...

I'm confused here, is this a good thing or a bad thing?
I thought this is what the Libs have been asking for,
...crush all corporations.

reply to post by Alxandro


In the long run, BOA crashing is probably a good thing because it's corrupt and part of the problem. In the short term, lots of people bank with them and lots of people work for them, so if they fail, there could be a lot of bad repercussions for a lot of people. Especially at a time right before Christmas, and especially when the higher management of Bank of America could probably save 5 Billion dollars by simply taking pay cuts for themselves and not giving themselves giant bonuses. Their greed will bring them down.