You’re Fired! | Bank of America to Cut 16,000 Jobs by Year’s End

Bank of America Ramps Up Job Cuts

Bank of America Corp. is accelerating a broad cost-cutting plan and has set a target of shedding 16,000 jobs by year’s end—cuts that would see the company relinquish its title as U.S. banking’s largest employer.

The reductions for the final six months of the year, outlined in a document given to top management, are part of a larger effort to retool Bank of America into a leaner and more focused enterprise. The plan is designed to make the company take less risk, generate more revenue out of existing customers and use an investment banking operation inherited from Merrill Lynch & Co. to become a major deal maker around the world.

On Main Street, the refocused company will have fewer branches and a smaller mortgage operation, the document shows.

The proposed year-end total of 260,000 would be the lowest count since 2008 and likely give Bank of America a smaller workforce than J.P. Morgan Chase & Co., Citigroup Inc. or Wells Fargo & Co. The final year-end number could still fluctuate depending on business volumes, said a person familiar with the plans. Bank of America is the second-biggest bank by assets after being surpassed by J.P. Morgan last year.

Rest here…

Hope they all don’t become ‘deadbeats’ and go into foreclosure for being an ‘irresponsible’ homeowner…


7 Responses to “You’re Fired! | Bank of America to Cut 16,000 Jobs by Year’s End”
  1. Bobbi Swann says:

    Ha! Maybe Schneiderman will make this one of his “tactics” on his task force for rooting out the crimminals, because as we all know, the bad guys are all at the bottom, right? I can see it now “The task force has made negotiations with BofA to reduce the amount of “mistakes” (fraud) by eliminating those who have taken part in these “mistakes”. Let’s give a big horray to Schneiderman!!! Oh….and don’t forget to cast your vote this November for Obummer. He just needs to move us ‘forward’ (and deeper into debt)!!! And to be political correct Romney is no better.

  2. Sarah says:

    Everybody housed, everybody employed. TBTF, like BOA, seem to be forever in the way of these grand visions. As if improving anything, can’t be permitted, if it harms profit. Blighted neighborhoods, lost jobs, lost wealth, lost health, lost time – a financial system that relies on a sociopathic form of social control.
    The alternative to TBTF could be conventional banks, State Banks, committed to responsible lending and service to the local community, as opposed to usury, predation, greed and other anti-social behavior. Hire the laid off!

  3. i dont like to see people lose their jobs, then homes , However if any of them helped this crime play out I wont feel real sorry for them. If all the bank employees and contracted parties, would simply walk out and leave the jobs vacant, the banks would crumble. One man or woman can not do the jobs required by these crooks to steal our homes, harrass us on the phone, and represent false parties in the court rooms, it takes people in the masses to enable the banksters to commit this crime. Hitler did not pull this similar crime by himself. Millions of Jews were not fraud.

  4. Poof says:

    Well I would say BofA employees know how the game is played ! I wonder if the employees that laughed at me when my home was stolen ( at my most desperate time) will think it’s funny when their homes are in jeopardy ! Karma I guess.

  5. Bill says:

    Can’t wait to hear what some of these now un-employed former cohorts have to say. Heck, even if they had to sign something requiring them not to reveal any “Company Secerets”, a contract is just a contract. i’d be mad as hell if I was one of these laid off folk.

  6. JJ says:

    Well said, stripes .. well said ..

  7. stripes says:

    Of course…! Punish the little guys for your crimes…so that you and your criminal friends up at the top of the pyramid scheme can keep up your big charade and PRETEND YOUR BROKE while you are robbing the American people into the poorhouse to cover up for all of your fraud and other criminal activities…..! Afterall…WHAT DO YOU CROOKS HAVE TO LOSE…..? NOTHING….! BECA– USE THE U.S. TAXPAYERS ALREADY PAID YOU CROOKS IN FULL..AND THEN SOME…!

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