Bank of America Considering Up to 40,000 Layoffs: Report

[marmar]

Bank of America executives are mulling a restructuring plan that would lop off as many as 40,000 jobs in its first phase, according to a Wall Street Journal report citing sources familiar with the discussions.

While the total number of job cuts are not final and could change, the report said the massive restructuring program would take several years to complete and would exceed the bank’s 2008 overhaul in which between 30,000 and 35,000 employees were pink-slipped over a three-year span.

Earlier this week, top executives Sallie Krawcheck, head of the bank’s investment and wealth management units, and Joe Price, president of global consumer and small business banking, were jettisoned and replaced by now co-chief operating officers David Darnell and Tom Montag. ............(more)

The complete piece is at: http://www.bankinvestmentconsultant.com/news/bank-of-america-massive-restructive-program-2675021-1.html

[sharp_stick]

1. This is what happens when a company is allowed

to merge and acquire others with absolutely no limits. Just like Pfizer, BofA has been purchasing competitors in a desperate attempt to lift the bottom line.

Again just like Pfizer, it becomes unsustainable because they are just too damned big and the shareholders start to demand cost cutting (firing the employees but not touching the upper management executives of course). You can bet that Sallie Krawcheck and Joe Price left with pretty nice golden parachutes and will show up on the executive list of some other bank as soon as the tan from a winter in Tahiti is perfected.

[Bonhomme Richard]

2. Hope it doesn't hit my brother in law.

They are only now just getting back on their feet after his business in NY went bust. Lost pretty much everything and now rent a home in MD

[Broderick]

3. And beyond the bailout and taxpayer funded help to the bankers

now the taxpayers are going to have to pick up the tab for the unemployment costs to these workers. BANKS ARE CRIMINAL and parasites like Bank of America must be stopped!

[Liberal_in_LA]

4. They've turned processing of our mortgage payments over to Green Tree

I guess that was part of the plan to layoff workers.