Posted on 04/03/2013 6:24:35 AM PDT by FreeAtlanta
Bank of America Corp. (BAC) is laying off 1,320 employees in upstate New York as it will exit a mortgage-servicing facility there at the end of May, according to a filing with the New York State Department of Labor. M&T Bank Corp. (MTB) is taking over Bank of America's Getzville, N.Y., mortgage-servicing facility and hiring about 600 Bank of America employees, a spokesman for the Buffalo, N.Y., bank said. He added M&T has about 400 openings in Buffalo and Bank of America employees can apply for those positions. Bank of America, the nation's second-largest bank by assets behind J.P. Morgan Chase & Co. (JPM), has been shrinking and reducing costs. It said in late 2011 it aims to cut 30,000 jobs. It is now in the second phase of that cost-cutting program, called "New BAC." ....
(Excerpt) Read more at foxbusiness.com ...
2). New York, you own Obama. Live it!
Own it, BoA.
New York Democrats voted to destroy jobs. Good luck fools.
The smart move would be to break it up.
Yup, the chickens are coming home to roost (or running for friendlier states)...
The head of Bank of America Corp.'s (BAC) investment bank got a bigger paycheck than the bank's top executive, Brian Moynihan, according to a regulatory filing Thursday.
Mr. Moynihan was awarded $12 million in cash and stock for 2012, while Thomas Montag, co-chief operating officer and head of Bank of America Merrill Lynch, received $14.5 million in cash and stock, according to the filing.
The bank also awarded raises to its top executives as of Feb. 1. Mr. Moynihan received a $1.5 million raise to his base pay for this year, while Mr. Montag and co-chief operating officer David Darnell received a $1 million increase to their base salaries. The third-highest paid executive at the bank was chief financial officer Bruce Thompson, who made $11 million in cash and stock in 2012. Mr. Darnell made $9.5 million and general counsel Gary Lynch made $7 million.
http://www.foxbusiness.com/news/2013/03/28/bank-america-pays-montag-more-than-ceo-moynihan-for-2012/
Good job boys!
M&T Bank CEO Wilmers Rails Against 'Astronomical' Banker Pay
Fox News Business ^ | March 07, 2013 | Dow Jones Newswires
http://www.freerepublic.com/focus/f-news/2994959/posts
The Art of the Deal
http://www.freerepublic.com/focus/chat/2975744/posts?page=17#17
Cintonistas, and screamin' leftists, that's BOA.
Hillary & Bill Clinton’s Love Affair with Financiers, An Ongoing Tale
http://economicwarrior.org/2010/05/13/hillary-bill-clintons-love-affair-with-financiers-an-ongoing-tale/
I sold my business last year and the buyer financed the buyout through BoA. What a bunch of incompetent morons these folks were. They had all the documentation on their desks for six months and a week before closing finally looked at them and discovered some discrepancy that took another two months to bring to closing. As the seller I had to spend every day on the phone with them to facilitate the buyer’s purchase. I felt like I was dealing with school children and holding their hand to get them to finish their job. No wonder my little bit of BoA stock from four years ago (bad timing) is worthless.
I sold my business last year and the buyer financed the buyout through BoA. What a bunch of incompetent morons these folks were. They had all the documentation on their desks for six months and a week before closing finally looked at them and discovered some discrepancy that took another two months to bring to closing. As the seller I had to spend every day on the phone with them to facilitate the buyer’s purchase. I felt like I was dealing with school children and holding their hand to get them to finish their job. No wonder my little bit of BoA stock from four years ago (bad timing) is worthless.
Must be one of those “Hope and Change” kind of things.
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