Bank of America (BOa for short) to cut 30,000-35,000 jobs.....

Bank of America to Cut 30,000 to 35,000 Positions (Update2)
By David Mildenberg


Dec. 11 (Bloomberg) -- Bank of America Corp., the third- largest U.S. bank, said it plans to cut 30,000 to 35,000 positions over the next three years because of its acquisition of Merrill Lynch & Co. and the weak economic environment.

The final number of job cuts won’t be decided until early next year, the Charlotte, North Carolina-based bank said in a statement today. The companies together employ 307,000 people, including about 60,000 at New York-based Merrill Lynch. Bank of America spokesman Scott Silvestri said the “vast majority” of job cuts will come next year.

All lines of businesses and staff units will be affected, and “as many reductions as possible” will be made through attrition, Bank of America said. The companies have already begun dismissing equity analysts, according to a person briefed on the changes.

“They are saying that even though we’ve got the best efficiency of any large bank holding company, we still have extra costs,” said Christopher Whalen, managing director of Institutional Risk Analytics, a market-research firm. “They still have to throw more stuff out of the boat because they have to stay afloat.”

Bank of America is the latest firm to announce a workforce reduction amid the worst financial crisis since the Great Depression. Citigroup Inc. is planning to eliminate 52,000 jobs in the next year. ..........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aswiJZGC2Ca8&refer=home

This is insanity.

The disconnection of the business class with anything resembling reality or decency is truly of epic proportions.


So what the f*ck did we gave the financial sector all those billions of dollars for?

Its called having something to fall back on. 21st century vikings baby!

Can you say world wide piracy? Its a livin!

Extra costs.

Such as...?

I want to know wtf you are doing with citizens' money, asshole.
We all want our fucking money back, but we'll never see even an IOU from these corporates.

Too many fuck ups. Too many personal business dealings and lifestyles to alter.


rat bastards

:rofl: