Bank of America Cutting 3,500 Jobs, And More May Follow

Source: Reuters

Published: Friday, 19 Aug 2011 | 1:53 AM ET

Bank of America is cutting 3,500 jobs this quarter and working on a restructuring that could eliminate thousands of additional positions, adding to a slew of layoffs by major banks.

Sensitive to the ups and downs of the global economic cycle, global banks have announced close to 50,000 job cuts, starting now and continuing in coming years.

HSBC and Lloyds Banking Group have announced the biggest cuts.

The job cuts at Bank of America, expected to be completed by the end of September, are spread across the company including investment banking and trading, according to a report in the Wall Street Journal confirmed by CNBC.

Read more: http://www.cnbc.com/id/44199531

as a bank is not a person anymore than a corporation is.
What caused the problem is people who got greedy many of whom its true work in the banking industry but also those in washington both in elected office and those who work for the varies federal (and even state) agencies who were at the very least negligent in not policing the industry.

that rarely are the higher ups held accountable really, that just pisses me off.

lotsa folks from the top earning categories, not little people!

on record, only beaten by 2011.

The banks are not moving jobs off shore - they are leaving America.

Corporations are only interested in being where the market is, where the demand is - and when you have destroyed that demand locally, since the middle class has been decimated, then there is no point in staying, the middle class is now in Asia - hence - there is no reason at all to remain in the US.

Having worked for them, nepotism and cronyism was the rule. Basically, the favoured received free pay checks without working.

Happiest day of my life was the day I stopped being afraid and quit after 15 years.

I started with a small regional bank in the mid-80's that still had good ethics and a good sense of community.

By the time I left was just as the final merger took us from NationsBank to BoA. I survived 8 buyouts/mergers in just 10 of those years, I watched the company go from a solid midsouth bank to a bloated and disfunctional blob, devouring everything in its path.

Economic Doom comes as the all but vanished small banks are erased by giant multinationals.

I see it as one of the greatest threats to national security myself.

Break Up the Mega banks, mega corps.. for their own good. And ours.

Banks are not a bad thing. Big banks are.

A group of strangers rooming together to make ends meet. Except that we won't have a pretty house in Florida. We'll be lucky if we can pitch up a tent under a viaduct.

x(

with CEO's making significantly lower salaries.

Just don't expect them to employ the very same Americans who saved them from their own recklessness.