Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 20 September 2012 [View all]xchrom
(108,903 posts)7. REPORT: Bank Of America Plans To Axe 16,000 Jobs By Year-End
http://www.businessinsider.com/report-bank-of-america-16000-jobs-2012-9
The Wall Street Journal's Dan Fitzpatrick reports that Bank of America management is planning to speed up layoffs:
Bank of America Corp. is accelerating a broad cost-cutting plan and has set a target of shedding 16,000 jobs by year's endcuts that would see the company relinquish its title as U.S. banking's largest employer.
The reductions for the final six months of the year, outlined in a document given to top management, are part of a larger effort to retool Bank of America into a leaner and more focused enterprise. The plan is designed to make the company take less risk, generate more revenue out of existing customers and use an investment banking operation inherited from Merrill Lynch & Co. to become a major deal maker around the world.
On Main Street, the refocused company will have fewer branches and a smaller mortgage operation, the document shows.
Read more: http://www.businessinsider.com/report-bank-of-america-16000-jobs-2012-9#ixzz270bsz5ZF
The Wall Street Journal's Dan Fitzpatrick reports that Bank of America management is planning to speed up layoffs:
Bank of America Corp. is accelerating a broad cost-cutting plan and has set a target of shedding 16,000 jobs by year's endcuts that would see the company relinquish its title as U.S. banking's largest employer.
The reductions for the final six months of the year, outlined in a document given to top management, are part of a larger effort to retool Bank of America into a leaner and more focused enterprise. The plan is designed to make the company take less risk, generate more revenue out of existing customers and use an investment banking operation inherited from Merrill Lynch & Co. to become a major deal maker around the world.
On Main Street, the refocused company will have fewer branches and a smaller mortgage operation, the document shows.
Read more: http://www.businessinsider.com/report-bank-of-america-16000-jobs-2012-9#ixzz270bsz5ZF
Edit history
Please sign in to view edit histories.
78 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
The thing is, the 1% want to live on the left, too. They just want the 99% to live on the right.
tclambert
Sep 2012
#4
Yves Smith: Bloomberg Finally Notices Deposit Flight, a Major Threat to the Eurozone
DemReadingDU
Sep 2012
#3
MOBIUS: Romania Has Taken Its Medicine And Now It's Ready To Lead Growth In Europe
xchrom
Sep 2012
#8
Demeter, you are just incredible. I used this quote just today re: Mittens.
mother earth
Sep 2012
#74
Roland, this is quite an article, a must-read for these times...seems the title is more Rethinking
mother earth
Sep 2012
#75
Absolutely, many days when I read here, I do wish more attention is given many of these articles.
mother earth
Sep 2012
#78