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

finnns2003

finnns2003

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Nov 20, 2003
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.


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This bank is a joke. Cutting jobs in the name of greed, how about exec pay reduction? Nope, little guys first.

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Originally Posted by finnns2003

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.
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This bank is a joke. Cutting jobs in the name of greed, how about exec pay reduction? Nope, little guys first.

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Can't cut executive pay.  How many people are capable of destroying a $400 billion dollar bank in less than one year? 
 
F them... Just watched Capitalism a Love Story for the 2nd time yesterday... Disgusted... So evil... Henry Paulson and them.... Obama do something please
 
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
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Yea, Obama will give them more tax breaks. 
 
Originally Posted by cguy610

Originally Posted by finnns2003

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.
Click to expand...
Click to expand...

laugh.gif
This bank is a joke. Cutting jobs in the name of greed, how about exec pay reduction? Nope, little guys first.

Link
Click to expand...
Can't cut executive pay.  How many people are capable of destroying a $400 billion dollar bank in less than one year? 


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Brilliant
 
I still think Obama is that dude... Like Bill Maher says he needs to stop worrying about the 40% of the population who will never support him no matter what.
 
You have to look at it is a model. Most companies cut the bottom 10% every single year, due to poor performance and the role no longer being needed. In most cases people are no longer using banking centers, so cut the teller and branch manager roles. On the flip side the Bank is continuing to add employees in areas where need is high, such as mortgage processing and capital markets. The note may be a 10% job cut in specific areas, but on the flip side other areas are growing.
 
Originally Posted by peter80warrick

You have to look at it is a model. Most companies cut the bottom 10% every single year, due to poor performance and the role no longer being needed. In most cases people are no longer using banking centers, so cut the teller and branch manager roles.
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Try reading the #%@^ article next time.

WSJ said the initial 3,500 job cuts are spread across BoA's business including investment banking and trading.
I don't think there are 'tellers and branch managers' being cut here. In any case, who cares about cutting the bottom 10%? How about cutting the fat off the exec pay? It's excessive as it is.
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The exec pay may be high, but that is what it takes to be competitive with other industries. If they decided to cut exec pay in the Banking industry all of the top execs would quickly jump to your Apple, Google, Best Buy, Exxon, etc.



Also just wait until Wells Fargo annoucements it cuts for Q3 this year in Charlotte and all of the duplication of systems.


They may be cutting in one space, but the bank also has 4600+ jobs open.
 
The exec pay may be high, but that is what it takes to be competitive with other industries. If they decided to cut exec pay in the Banking industry all of the top execs would quickly jump to your Apple, Google, Best Buy, Exxon, etc.



Also just wait until Wells Fargo annoucements it cuts for Q3 this year in Charlotte and all of the duplication of systems.


They may be cutting in one space, but the bank also has 4600+ jobs open.
 
The exec pay may be high, but that is what it takes to be competitive with other industries. If they decided to cut exec pay in the Banking industry all of the top execs would quickly jump to your Apple, Google, Best Buy, Exxon, etc.



Also just wait until Wells Fargo annoucements it cuts for Q3 this year in Charlotte and all of the duplication of systems.


They may be cutting in one space, but the bank also has 4600+ jobs open.
 
The exec pay may be high, but that is what it takes to be competitive with other industries. If they decided to cut exec pay in the Banking industry all of the top execs would quickly jump to your Apple, Google, Best Buy, Exxon, etc.



Also just wait until Wells Fargo annoucements it cuts for Q3 this year in Charlotte and all of the duplication of systems.


They may be cutting in one space, but the bank also has 4600+ jobs open.
 
They paid off the TARP money and made a record profit. Also gave their executives and leading sales people huge bonuses which came under fire. Then they cut jobs in America. Go figure.

Not only that, Fannie bought 500 million worth of bad loans off BOA last week. Another bailout.
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Economy is wild right now. The cvs by me fired all the cashiers and replaced them with machines
 
Originally Posted by peter80warrick

The exec pay may be high, but that is what it takes to be competitive with other industries. If they decided to cut exec pay in the Banking industry all of the top execs would quickly jump to your Apple, Google, Best Buy, Exxon, etc.



Also just wait until Wells Fargo annoucements it cuts for Q3 this year in Charlotte and all of the duplication of systems.


They may be cutting in one space, but the bank also has 4600+ jobs open.
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The issue is that this industry is shedding jobs despite record profits, low tax rates, and bailouts galore. No excuse to cut 10,000 jobs.

Did BOA not have a 0% tax rate recently? Given $500 million more in bailouts? Profitable quarter. This is getting extremely ugly and I'd advise people to stop banking with them.
 
Originally Posted by peter80warrick

The exec pay may be high, but that is what it takes to be competitive with other industries. If they decided to cut exec pay in the Banking industry all of the top execs would quickly jump to your Apple, Google, Best Buy, Exxon, etc.
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They can go ahead and jump.  They aren't doing anything but stealing money.  The only reason they have jobs is because of the government.

Also, you actually think a profitable, successful corp like Google or Apple is going to get rid of their CEO/CFO/CIO, etc, and then hire a failure from Bank of America? 
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  Amazing how brainwashed some people are.  Other nations don't pay their CEO's what they get paid over here.  Let them go to another country and see how much they make and pay in taxes.
 
8 trillion dollars in bailouts for this? My question is, why did the government give these companies bailouts without creating a stipulation that these companies had to create American jobs? This is highway robbery. Trillions of taxpayer dollars have gone  to bailout companies who are selfish, exploitative and shipping their jobs oversees. The American economy is still in shambles 3 years later and Unemployment is at all time high, !4 % plus at last check. Unbelievable.
 
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
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You think that's bad?!?! Watch these movies in this order; "Hot Coffee" (HBO Special Documentary, so if you've got OnDemand and HBO, you can catch it through O.D.) "Inside Job" (Your guide to the market crisis of 2008). "Too big to Fail" (Pretty sure also prodced by HBO, but it is a detailed reenactment of theevents of "Inside Job". Not that they are direcely piggybacked off of one another, but just a portrayed version of the facts in "Inside Job". 
I've learned more from these three movies in the past month than I could have EVER learned on my own about this stuff...And I WORK FOR THE AFOREMENTIONED COMPANY...CORPORATE!!!

  
 
These companies get/got so many passes it's sick. They should be creating 10k jobs smh.
 
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