Posted on 08/19/2011 7:52:47 AM PDT by AngelesCrestHighway
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
didn’t BOA get a whole bunch of stimulus/tarp money?
BOA needs to die.
Unfortunately, the people that work there end up holding the stick...
Yeah, but it was precisely that line of thinking that got us in this mess in the first place, when the government bailed out Chrysler in the 70s, it set a horrible precedent, that government was now expected to bail out companies that were "too big to fail."
And in the end....We the taxpayers are the ultimate “stick holders”....
Well, I can think of some places where I’d like to shove that stick.
BoA, they are still in business??? I expect this zombie bank to soon be the National Section 8 Bank of America, with OBAMA as it’s CEO...
Yes, but w/o Obamanomics they would have cut 20,000 jobs...so we saved 10,0000 jobs! s/
To bad most are low level employees. I am hoping someone let go employee will come forward witht eh ‘goods’ and expose BOA for the Criminal Organization that it is.
I think it was the excuse used to funnel a lot of money to corporate friends and contributors.....
Agreed....
My first thought was Bawney Frank, but then I realized he’d probably enjoy it.
The low level employees are sweating bullets as it is.....
I just don’t buy into the idea that the administration wants to rid the country of big corporations. corporations provide welfare for an entire segment of the population. the government outsources it to them. it really doesn’t make sense for the gov’t to have to take on the management of so many more usurpers. I believe the adminisratii would rather have corporations do it.
Good one!....Obama’s fuzzy math.
I honestly believe they want to take America to a new dependent on federal government low so they can squash individuality, creativity and job growth in private industry.
Good one!
But they already have Fannie, Freddie and Sallie to fill that role.
american industry isn’t creative and it doesn’t grow jobs already; hasn’t for most of my career with a few notable exceptions. corporations are already at the beckon call of government and so are their employees.
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