Layoffs Watch ’11: Bank Of America

Remember, back in April, when Bank of America decided it was tired of posting negative profits? And so that people would know they were dead serious about the goal of, rather than losing money, making it, gave their mission a special codename called Project New BAC? And then announced internally that PNBAC, led by 44 executives, would “fan out around the company to ask employees low-and high-level for ideas on how they can do their jobs better and how BofA can tweak its financial-product offerings to make the more appealing,” in addition to “reducing expenses”? Well, they did, and here’s what Team PNBAC came up with: everyone’s getting fired.

Bank of America is cutting 3,500 jobs in the current quarter and working on a broader restructuring that could eliminate thousands of additional positions, people familiar with the situation said. The 3,500 positions are spread across the nation’s largest bank by assets, including investment banking and trading, and the cuts are expected to be completed by the end of September. Some employees already have been notified. Thousands of additional reductions are expected as part of an aggressive overhaul known as “Project New BAC,” after the Charlotte, N.C., bank’s ticker symbol. Executives at the bank still are discussing the possible range of cuts, but one person familiar with the situation said at least 10,000 jobs are likely to be eliminated.

The PNBAC committee would like to thank everyone who put this and other ideas in the suggestion box, including “Ken Lewis revealing 12-month wall calendar” and “Ken Lewis Boone’s of the Month Club- members pay me to sample and review,” both left by “Definitely Not Ken Lewis.”

Bank of America Set To Slice Jobs [WSJ]

Earlier: Bank Of America Needs Help Coming Up With Cost-Cutting, Profit-Generating Ideas
Related: Angelo Mozilo: Bank of America “will reap the benefits of what we have sowed.”

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Show all comments

218 Responses to “Layoffs Watch ’11: Bank Of America”

  1. Ken Lewis says:

    Oof. Brutal.

  2. John Thain says:

    Bank of America sucks

  3. Tom Montag says:

    I still get paid

  4. Angelo Mozilo says:

    Wait…. Why is everyone looking at me? I sold you a great company so you can reap the benefits of what I had sowed

  5. Peter Gibbons says:

    Good luck with your layoffs, all right? I hope your firings go really, really well.

  6. Spirit Pointer says:

    Good news is they are sticking with thier commitment to supply company issued lapel pins and name tags.

  7. John Thain says:

    I am still on as the interior decorator right…?

  8. Football Genius says:

    I understand this situation and can help. In banking, like the NFL, when you are where you are relative to last year, uh, in that where you want to be is a "tweak", uh, and let me be clear, a tweak of the system to "optimize" your prior decisions despite their later determined, uh, flaws, then, being where you are now is better than where you were a while ago, in that the ramifications, uh, so-to-speak, are consistent with the consistency that you had in the past and "will have" going to where you want to be in a changing environment.

    Jerry Jones
    Dallas, Texas

  9. Guest says:

    "Throughout Bank of America's history, we have held one purpose – to help everyone we work with realize their dreams. In fulfilling this purpose, a constant theme in our work has been “opportunity.”

    We create opportunities for customers to buy a home, to attend college, or to retire with security. We create opportunities for businesses to grow. We create opportunities for all of us to build stronger communities in which to live and work. And, we also create opportunities for our associates to fulfill their personal and professional potential."

  10. Fuld says:

    Mozillo and Lewis are partying together somewhere laughing at Thain still working. These dudes know when to bail

  11. derp says:

    hey why you're at it maybe lay off the fried foods.

  12. ShortNaked says:


    -Jim Mora-ynihan

  13. Bank of G'wich says:

    Any insiders care to share which departments are bending over the farthest?

  14. Oblong says:

    This would never happen in Lichtenstein.

  15. breh says:

    No one had the balls to for this innovative idea: get a new CEO

  16. Sallie Krawcheck says:

    Can we still make Merrill Advisor's open checking accounts?

  17. R. B. says:

    My sweetheart Kenny would never let this happen

  18. J Cana says:

    How about laying off Brian Moynihan and Anne Finucane?

  19. Managing & Directing says:

    I heard from a friend that the bank has made wide sweeping reductions to the National Home Builder platform. They will be a shadow of what they once were (a la what happened to CMBS).

  20. Accept EBT? says:

    At least the sushi is cheap in Charlotte.

  21. House of Dimon says:

    is this even a real bank?

  22. J Cana says:

    Here's a start-cut half of the 6000 Human Resource and Compensation "associates" !!!

  23. Blake says:

    We are adding a little something to this months sales contest, as you all know;

    1st prize is a cadillac eldorado,
    2nd prize is a set of steak knives,
    …3rd prize is you’re fired.

  24. 25th Hour Trader says:

    I suggested cutting jobs to save money instead of biscuits. This morning myself along with 3,499 other souls were laid off. Needless to say, my plan backfired. Now I have no job and worse – no biscuits.

    -former BAC quant who is seriously looking into selling hot dogs.


    you know, the COMMENTS SECTION was funnier when we could rate them! shit like “UBS SUCKS” and “BOFA SUCKS” were 5x funnier when they were complemented by a +33 or +55!!

  26. Pro Salad Bagger says:

    See ya US Trust!

  27. DingALing says:

    Is it too late to get a refund on Merrill Lynch?

    -BAC Board of Trustees

  28. Hey now we knew this was coming, nobody ever said they be straight maxin' that Bank of America debit card.

  29. themaxtorbater says:

    Wish I was a bartender near the BAC building tonight in NYC

  30. Guest says:

    Has BAC taken over UBS for the new sucking it?

  31. Guest says:

    Lev fin is tagged

    – recently notified ex baml lev fin banker

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    apple bottom jeans, jeans
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    so sexual, she was flexible
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    the dow got low low low low low low low low

    B.S. in Operations Research to her ass,
    boots wit da fur
    she had the whole school lookin at her
    her quantitative internship hit the flo, hit the flo,
    the dow got low low low low low low low low

    B.S. in Financial Engineering in her puss,
    boots wit da fur,
    she had the whole school lookin at her
    her quant trading internship hit the flo, hit the flo,
    the dow got low low low low low low low low

    M.S in Computer Science, double penetration in her holes,
    boots wit da fur,
    she had the whole quad lookin at her
    her quantitative analyst internship hit the flo, hit the flo,
    the dow got low low low low low low low low

    B.S. in Economics on her tits,
    boots wit da fur,
    she had the whole city lookin at her
    her ibanking internship hit the flo, hit the flo,
    the dow got low low low low low low low low

    So sexual, she was flexible
    Professional, my J.D. told her so,
    drinkable and ooooo,
    shawty got low low low low low low low low

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    Columbia Law School ’12

  33. Foghorn Leghorn says:

    I say, I say, uh son! What are you, what are you, I say, what are you 'a talkin about?

  34. Bitter 2011 says:

    Na Na Na Na…Na Na Na Na…hey hey GOOD FUCKING BYE! Bank of America is dead!

  35. BigjohnTparty says:

    if it means their coffe will taste less like ATM's grease im ……………nahhh
    still think they should crush and burn.
    Is it unamerican to wish ill to bank of america?

  36. BigjohnTparty says:

    i sure hope all these over-drought fees will be used to something constructive.
    like, rebuilding your branches after a future unrest.

  37. Yes..I still get paid

  38. Guest says:

    Bring back Al D.

  39. dirty_dirty_harry says:

    the collective unconcious seeks encouragement from now absent authority. the hysterical swings are routine buying opportunity. ‘with us or against us’ evaporated and so did the false confidence of another generation. totally normal. and i know what you’re thinking. did she come six times or only five. in all the excitement i can’t remember myself.

  40. kostas alpha says:

    they think if they cut off jobs they will return to profits? Only for a semester , after they will start have losses again. They must start thinking where the problem starts , and this is not to the low position employees but to the people were making the strategies all these years.

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    Fire everyone in Asia

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