Report: Bank of America to speed job cuts
NEW YORK (AP) - A published report says Bank of America is accelerating a cost-cutting plan and aims to eliminate 16,000 jobs by the end of the year.
The cuts are part of a previously announced plan by the bank to cut 30,000 jobs.
The Wall Street Journal cites a document given to top management at the bank. The newspaper says the cuts will mean fewer Bank of America branches and a smaller mortgage operation.
A bank spokesman declined comment on the Journal report Thursday.
The cuts are part of a previously announced plan by the bank to cut 30,000 jobs.
The Wall Street Journal cites a document given to top management at the bank. The newspaper says the cuts will mean fewer Bank of America branches and a smaller mortgage operation.
A bank spokesman declined comment on the Journal report Thursday.
I wonder how many of these jobs could have been saved if Bank of America and Wells Fargo didn't spend a combined $20 million on the Democratic Convention a few weeks ago. I wonder how many of these jobs could have been saved if Bank of America wasn't paying $2.5 million per year on naming rights for the Carolina Stadium? Seems like Bank of America has other priorities rather than protecting their work force. A lot of wasted money being spent by Bank of America that comes from all of the fees that Bank of America charges to their customers.
How much their CEOand CFO spent on their golf games and wedding party ?
My guess is they probably shouldn't have alienated the normal working guy earlier this year.
I guess you'll have to live with just your corporate accounts. What's that they are leaving too.
So sorry I can't feel bad for Bank of America. I feel bad for the people who will lost their jobs, but if the bank itself dies, I won't shed a tear. They are the worst kind of company that has very unhelpful practices.
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I bailed on them in 2009 because they tried to charge me overdraft fees. What had happened is my debit card number had been stolen (you may remember the ID thief from Gig Harbor who was sent to jail a few years ago), so they had to close my account.
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They banker I talked to helped me set up two accounts, one for normal stuff, the other was supposed to be an account I could put money in and I could not possibly overdraft it. Well, it got overdrafted and they charged me fees. I walked into the bank to find out why and they told me "We don't have accounts like that". So I told them to close all of my accounts, pay me back the fees, and I walked out with all of my money and went to a credit union. Haven't looked back since.
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BoA can go jump off a cliff.
Yup.....really I hope the whole company goes under. Best thing I ever did was tell BoA to shove it and went with a small, local bank.
Translation; now that the richest are getting paid to hold their money in gold again, it's time to pull back while squeezing those private equity firms we are paying so well ever so slightly and allowing homes they are also being paid to hold in direct contravention to free market practice out at a trickle rate. Banks have now become holding companies at every level. Always remember folks. No rules tends to beget no rules for quite a while at a time.
The Thieves of America are at it again. I'm so glad I bailed on B of A and went with the credit unions.Â
 @HallandOates Somehow I don't see the banksters taking responsibility for the loss of business. It will end up being Obama's fault for the job losses. Repubs want to get rid of all those pesky regulations Obama is putting in place to protect the consumer from rip-offs by these bandits.
 @HallandOates Me too!