Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

Bank Of America Confirms 30,000 Jobs To Go

Recommended Posts

http://www.nytimes.com/2011/09/13/business/ceo-promises-cuts-at-bank-of-america.html?_r=1&ref=business

Bank of America’s chief executive, Brian T. Moynihan, vowed on Monday to eliminate $5 billion in costs annually by 2014, a move that will eliminate at least 30,000 jobs at the company, which employs 288,000 people and is the largest bank in the United States.

In a widely anticipated speech at an investor conference organized by Barclays in New York, Mr. Moynihan outlined his plan to make Bank of America, the largest bank in the United States, more efficient and profitable even if that means sacrificing scale. “We don’t have to be the biggest company out there,” he said. “We have to be the best.”

While he did not specify the number of jobs that might be involved, the company announced shortly after his speech that 30,000 jobs are to be eliminated under the company’s Project New BAC cost-cutting initiative. The initial recommendations by the architects of New BAC, which takes its name from the company’s ticker symbol, were reviewed last Thursday and Friday by the company’s top management in Charlotte, N.C.

Excellent news for the jobless recovery.

Looks like last ditch effort to avoid bankruptcy, has the share price gone up on this news? Nothing gets the traders excited like big job losses.

Great to see that BoA can't even organise it's own investor conference and had to get Barclays in to help. God job it's not got it's own investment banking arm which could have done this...

Share this post


Link to post
Share on other sites

http://www.nytimes.com/2011/09/13/business/ceo-promises-cuts-at-bank-of-america.html?_r=1&ref=business

Excellent news for the jobless recovery.

Looks like last ditch effort to avoid bankruptcy, has the share price gone up on this news? Nothing gets the traders excited like big job losses.

Great to see that BoA can't even organise it's own investor conference and had to get Barclays in to help. God job it's not got it's own investment banking arm which could have done this...

Just a person in the know about the massive financial bump coming, trying to soften the blow when he has to announce 50,000 job losses - obviously 30,000 were planned anyway.

Share this post


Link to post
Share on other sites

http://www.nytimes.com/2011/09/13/business/ceo-promises-cuts-at-bank-of-america.html?_r=1&ref=business

Excellent news for the jobless recovery.

Looks like last ditch effort to avoid bankruptcy, has the share price gone up on this news? Nothing gets the traders excited like big job losses.

Great to see that BoA can't even organise it's own investor conference and had to get Barclays in to help. God job it's not got it's own investment banking arm which could have done this...

...Sage of Omaha recently invested $5billion in this one....must see something.... :rolleyes:

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 334 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.