Dick Bové Looks Forward To Getting Back In The Ring With Sallie Krawcheck, Estimates Bank Of America Will Lay Off 30,000 EmployeesBy Bess Levin
Earlier this morning, Rochdale analyst Dick Bové stopped by CNBC to chat about what’s been a’ poppin’ at Bank of America. First off, that report a few weeks ago about how the bank will be relieving 10,000 employees of their duties? According to Bové, that’s just the start. “You’re likely to see 30,000 people fired at Bank of America in the next 24 months,” he told the Squawk Box gang. Why the need for so many cuts? “The bank has made a policy decision to shift emphasis from the consumer bank to the commercial bank, because the regulations are more onerous on the consumer side, that’s why.” And what of yesterday’s unceremonious Krawcheck canning? Dick is sorry for his gal-pal but sees the firing as an opportunity from which they both stand to benefit.
“I think Sallie Krawcheck is fabulous. She was never in line to be the head of Bank of America. She was never in line to be the head of Citigroup. She’s just an extraordinarily talented person who has been moving into positions that maybe don’t fit with her talents as much as they should…I think she should be back in this business, analyzing banks, which is what she knows how to do. She was a fabulous competitor. She was smart, bright, she was innovative and she knew how to do this job properly.”