Bank of America at it again vol. 10k jobs to the grinder

[sundoobie]

[h2]Bank of America at it again vol. 10k jobs to the grinder[/h2]






Where in the article does it say 10,000 JOBS?  and FYI there is a reason for it... 



NEW YORK (AP) -- Bank of America Corp., the nation's largest bank, said Friday that it plans to cut 3,500 jobs by the end of September.
The entire banking industry is shrinking, as new regulations and the fallout of the financial crisis force it to become smaller, simpler and less profitable. Many of the complicated investment vehicles that fueled the industry before 2008 are gone, after being blamed for causing the financial crisis.

 

[gregzzy23]

Originally Posted by TeamJordan79

Originally Posted by gregzzy23

Is it smarter to just keep money in the crib? I gotta make the switch from boa to chase shoebox asap

corrected. 

you think so? are CD's even worth looking into?

 

[kidplay]

Originally Posted by gregzzy23

Originally Posted by TeamJordan79

Originally Posted by gregzzy23

Is it smarter to just keep money in the crib? I gotta make the switch from boa to chase shoebox asap

corrected. 

you think so? are CD's even worth looking into?

I think he's just joking. Obviously even making 1% on your money is better than making 0%. 

 

[Betonblck]

Originally Posted by kidplay



The BOD approves the comp number, but many companies have external or internal resources examine executive compensation at competitors to get a gauge of what they need to pay their top people. That's what I mean by "set by the market". 

Ok.  It's good to see you know your stuff, it's quite refreshing.  Back on topic, it still doesn't appear to be an objective process in which executive compensation is set. 

A true "set by the market" process would involve more input than just looking at the highest paid competitor and deciding to pay their CEO the same or more without regard to performance and exclude shareholders from having any say on the process. 

 

[Betonblck]

Originally Posted by mrkane

Originally Posted by cguy610

Originally Posted by gregzzy23

Is it smarter to just keep money in the crib? I gotta make the switch from boa to chase asap

Your money is FDIC insured up to $250K(I think that's the new limit)

if EVERYBODY took thier money out and sold all stocks today, do you really think your money is still safe???

  

Hmm.  It took me a few mins to think about this.  You mean everyone nationwide sold their stocks and withdrew all their money all at the same time?

That would be armageddon.  Cash wouldn't be worth anything either, just canned foods, guns, etc. 

 

[lazyj10]

Originally Posted by SunDOOBIE

[h2]Bank of America at it again vol. 10k jobs to the grinder[/h2]






Where in the article does it say 10,000 JOBS?  and FYI there is a reason for it... 



NEW YORK (AP) -- Bank of America Corp., the nation's largest bank, said Friday that it plans to cut 3,500 jobs by the end of September.
The entire banking industry is shrinking, as new regulations and the fallout of the financial crisis force it to become smaller, simpler and less profitable. Many of the complicated investment vehicles that fueled the industry before 2008 are gone, after being blamed for causing the financial crisis.

It's been reported as both. Frankly no one knows and it's probably across all of the business lines (mortgages, trading, retail, etc).

The 3,500 positions are spread across the nation's largest bank by assets, including investment banking and trading, and the cuts are expected to be completed by the end of September. Some employees already have been notified.

Thousands of additional reductions are expected as part of an aggressive overhaul known as "Project New BAC," after the Charlotte, N.C., bank's ticker symbol. Executives at the bank still are discussing the possible range of cuts, but one person familiar with the situation said at least 10,000 jobs are likely to be eliminated.

That would amount to 3.5% of the bank's work force


http://professional.wsj.c...SJPRO_hpp_LEFTTopStories

  

 

[elcatfisho]

Originally Posted by finnns2003

Originally Posted by ElCatfisho

they bought my dad's company (LaSalle) and then proceeded to fire him in 2008. BoA executives should just get executed themselves to save face.

Sounds like Gordon Gekko

well layoffs happen all the time during merger. But still, my dad was prolly one of the most knowledgeable dude at LaSalle on Asian business and got laid off. Ended up getting a job he likes much better anyway.

[/SaltySon'sPointlessRant]

 

[kidplay]

Originally Posted by cguy610

Originally Posted by kidplay



The BOD approves the comp number, but many companies have external or internal resources examine executive compensation at competitors to get a gauge of what they need to pay their top people. That's what I mean by "set by the market". 

Ok.  It's good to see you know your stuff, it's quite refreshing.  Back on topic, it still doesn't appear to be an objective process in which executive compensation is set. 

A true "set by the market" process would involve more input than just looking at the highest paid competitor and deciding to pay their CEO the same or more without regard to performance and exclude shareholders from having any say on the process. 

Well the bulk of executive comp is tied to options/stock awards so "without regard to performance" isn't 100% true.  I agree the executive pay is a little outrageous, but that's the nature of the game. 

cguy610 wrote:

---

gregzzy23 wrote:

---

Is it smarter to just keep money in the crib? I gotta make the switch from boa to chase asap

Your money is FDIC insured up to $250K(I think that's the new limit)


if EVERYBODY took thier money out and sold all stocks today, do you really think your money is still safe??? 

  
This is a near impossible situation as there will have to be buyers on the other side of the transaction.

 

[Betonblck]

Originally Posted by kidplay

Originally Posted by cguy610

Originally Posted by kidplay



The BOD approves the comp number, but many companies have external or internal resources examine executive compensation at competitors to get a gauge of what they need to pay their top people. That's what I mean by "set by the market". 

Ok.  It's good to see you know your stuff, it's quite refreshing.  Back on topic, it still doesn't appear to be an objective process in which executive compensation is set. 

A true "set by the market" process would involve more input than just looking at the highest paid competitor and deciding to pay their CEO the same or more without regard to performance and exclude shareholders from having any say on the process. 

Well the bulk of executive comp is tied to options/stock awards so "without regard to performance" isn't 100% true.  I agree the executive pay is a little outrageous, but that's the nature of the game. 

Aren't many of these stock options granted with exercise prices below market value?  Therefore, all they have to do is exercise the options and sell the stock and that's all income for the executive.  Executive compensation is higher during periods of better performance because of the options but it isn't completely tied to performance in most cases. 

 

[rowenarrow]

Originally Posted by LittlePeteWrigley

Yeah, BAC is one of the worst companies.

Only out for self...

Unfortunately these days, that seems to be the norm.

Fam you have it right there. This has sadly become the norm. Pretty soon we will be rioting in the streets, lol

 

[lazyj10]

Originally Posted by cguy610

Originally Posted by kidplay

Originally Posted by cguy610

Ok.  It's good to see you know your stuff, it's quite refreshing.  Back on topic, it still doesn't appear to be an objective process in which executive compensation is set. 

A true "set by the market" process would involve more input than just looking at the highest paid competitor and deciding to pay their CEO the same or more without regard to performance and exclude shareholders from having any say on the process. 

Well the bulk of executive comp is tied to options/stock awards so "without regard to performance" isn't 100% true.  I agree the executive pay is a little outrageous, but that's the nature of the game. 

Aren't many of these stock options granted with exercise prices below market value?  Therefore, all they have to do is exercise the options and sell the stock and that's all income for the executive.  Executive compensation is higher during periods of better performance because of the options but it isn't completely tied to performance in most cases. 

No, not all stock options are exercisable at below Market Value. Usually this is much more rampant in Tech companies prior to IPOs since nearly all their compensation is tied. Corporation stock options can have more hurdles (tenure, etc). Depends when they were issued.Insiders can generally buy at a discount but also have to adhere to more rules.

 

[kramer]

Theyre obviously boosting the economy. And by economy I mean the execs paychecks

 

[finnns2003]

Originally Posted by LazyJ10

Originally Posted by SunDOOBIE

[h2]Bank of America at it again vol. 10k jobs to the grinder[/h2]






Where in the article does it say 10,000 JOBS?  and FYI there is a reason for it... 



NEW YORK (AP) -- Bank of America Corp., the nation's largest bank, said Friday that it plans to cut 3,500 jobs by the end of September.
The entire banking industry is shrinking, as new regulations and the fallout of the financial crisis force it to become smaller, simpler and less profitable. Many of the complicated investment vehicles that fueled the industry before 2008 are gone, after being blamed for causing the financial crisis.

It's been reported as both. Frankly no one knows and it's probably across all of the business lines (mortgages, trading, retail, etc).

The 3,500 positions are spread across the nation's largest bank by assets, including investment banking and trading, and the cuts are expected to be completed by the end of September. Some employees already have been notified.

Thousands of additional reductions are expected as part of an aggressive overhaul known as "Project New BAC," after the Charlotte, N.C., bank's ticker symbol. Executives at the bank still are discussing the possible range of cuts, but one person familiar with the situation said at least 10,000 jobs are likely to be eliminated.

That would amount to 3.5% of the bank's work force

http://professional.wsj.c...SJPRO_hpp_LEFTTopStories

  

The article I posted was revised, it said 10k this morning. BAC probably gave them a call. 

 

[killthehype]

I wonder if the workers are going to strike too.

The Verizon workers were on top of it

 

[mastamind89]

Watch Capitalism:A Love Story today, it was really god. Ive seen Inside job and will watch the others mentioned in the thread.
The bill that FDR proposed, how do you think the country would be today if it was passed or how do you think the country would be if it passed it today?

 

[teamjordan79]

Originally Posted by kidplay

Originally Posted by gregzzy23

Originally Posted by TeamJordan79

corrected. 

you think so? are CD's even worth looking into?

I think he's just joking. Obviously even making 1% on your money is better than making 0%. 

 rate of inflation/QE#/money printing will dwarf that 1% 

check that consumer price index unlike bernanke does. The fed's interest rates are pretty much negative.

what u gotta do is:

1) take money out your shoebox

2) buy precious metals.

 

[Nujavez]

my mom got laid off from BoA after working there 20+ years... smfh

 

[moneymike88]

Originally Posted by gatorad3

my mom got laid off from BoA after working there 20+ years... smfh

what was her position?

 

[rexanglorum]

cguy610 wrote:

---

Originally Posted by presumed

F them... Just watched Capitalism a Love Story for the 2nd time yesterday... Disgusted... So evil... Henry Paulson and them.... Obama do something please

Yea, Obama will give them more tax breaks. 




Exactly, Senator Obama voted for TARP. The only elected politicians in the Washington, who would make radical changes against the government-financial status quo would be Ron Paul, the Republican/libertarian and Bernie Sanders, the Independent/socialist. They would make very different types of changes but those are the only two that I can think of who do something meaningful.

 

[Shanegerous]

I hate BOA and I am a member smh

 

[airbear18]

It could also be because they are getting sued....