• 20 Sep 2011 at 4:31 PM
  • Layoffs

Layoffs Watch ’11: Bank Of America Actually Cutting 30,013

By Bess Levin

Earlier this month, Bank of America announced that it’d be laying off 30,000 employees, as part of a program designed to help the firm make/not lose money called Project New BAC. It’s not that Brian Moynihan et al wanted to let these people go, but thanks to decisions by his predecessors including but not limited to funding Ken Lewis’s Boone’s of the Month Club and paying $4.1 billion to find out what it feels like to be violated by Angelo Mozilo, it’d become more than a little necessary. Lest there be any confusion, the 13 members of BAC’s industrials group who were axed this afternoon did not fall under the “because we have to” but rather the “because we feel like it” category on Bri-Moy’s master spreadsheet. Sayeth Bloomberg:

Bank of America dismissed 13 investment bankers in its industrials group, including managing directors David Iwan and Egan Antill, said two people with direct knowledge of the actions. Iwan and Antill left this month during a round of 3,500 reductions throughout the Charlotte, North Carolina-based company, said the people, who declined to be named because personnel matters aren’t public. The cuts amount to about 5 percent of jobs in the group, one person said. Chief Executive Officer Brian T. Moynihan is trimming staff as costs from soured mortgages rise and revenue shrinks amid the slowing U.S. economy. The industrial group cuts weren’t part of Moynihan’s broader cost-cutting plan known as Project New BAC, announced earlier this month, which will eliminate 30,000 jobs over the next few years, said one of the people.

[Bloomberg]

Comments (26)

  1. 1
    Posted by Guest | September 20, 2011 at 4:58 PM

    the boyish grin says "I like you", the hand on the hip and ear scratch says "f*ck you, you're fired."

  2. 2
    Posted by guest | September 20, 2011 at 4:59 PM

    What does Conan O´Brian has to do with this??

  3. 3
    Posted by BAML sucks | September 20, 2011 at 5:00 PM

    Give us all of your time, effort, and commitment – and then once the bonus is around the corner we will let you get nothing and like it!

    BAML HR

  4. 4
    Posted by guest | September 20, 2011 at 5:00 PM

    ops, sorry…. I mean have

  5. 5
    Posted by Guest | September 20, 2011 at 5:01 PM

    BAC has gone from Suck to Blow.

  6. 6
    Posted by NYRebel2003 | September 20, 2011 at 5:02 PM

    Every time I see this pic of Brian Moynihan it looks like he is going to say "Yeah guys, I got some bad news and some more bad news…"

  7. 7
    Posted by Demographic | September 20, 2011 at 5:03 PM

    30,013 & Wollensky

  8. 8
    Posted by New Coke | September 20, 2011 at 5:06 PM

    Yeah, we tried that on April 23rd of 1985 – it didn't go well.

  9. 9
    Posted by Guest | September 20, 2011 at 5:17 PM

    Project NKI > Project New BAC

  10. 10
    Posted by juniormistmaker | September 20, 2011 at 5:20 PM

    And UBS hires two more senior energy bankers.
    http://dealbook.nytimes.com/2011/09/20/ubs-adds-t...

    1) How the fck are they paying all of these hires?
    2) Do these hires watch the news at all? Why are they going there?

    - confused

  11. 11
    Posted by guest | September 20, 2011 at 5:22 PM

    Hakuna & Wollensky

  12. 12
    Posted by yawn | September 20, 2011 at 5:45 PM

    wake up, they are going there because they have mortgages and college tuition to pay. this isnt 2006 where an MD is the king of the world. these guys will be happy for any scraps they can get.

  13. 13
    Posted by geoffgeoffgeoff | September 20, 2011 at 5:53 PM

    It means no worries, for the rest of your days.

    -Brian Moynihan

  14. 14
    Posted by guest | September 20, 2011 at 6:19 PM

    bunch of Druish princesses if you ask me

  15. 15
    Posted by Ken Lewis | September 20, 2011 at 7:02 PM

    I want my fucking Boone back please! I built this shitty company! Its in my contract!

  16. 16
    Posted by J Cana | September 20, 2011 at 7:38 PM

    Brian Moynihan could not manage a 2 car funeral…please help the shareholders and resign!!!

  17. 17
    Posted by Spirit Pointer | September 20, 2011 at 7:46 PM

    I understand that two Managing Directors in the healthcare group were spared the ax because they beat their quota for referring new checking accounts.

  18. 18
    Posted by re: yawn | September 21, 2011 at 3:57 AM

    IB MDs are set for life-in fact both theirs and their kids.

  19. 19
    Posted by Robert Paulson | September 21, 2011 at 7:50 AM

    In being canned, a member of Project BAC has a name.

  20. 20
    Posted by Captain Hindsight | September 21, 2011 at 8:26 AM

    Let's spend billions of dollars buying companies and then lay off people. That is a solid plan….

    -Project BAC Mission Statement

  21. 21
    Posted by Brian | September 21, 2011 at 9:26 AM

    But i will cut a bitch.

  22. 22
    Posted by Ex-RBSer | September 21, 2011 at 10:20 AM

    Oooh! Ooooh! I know the answer to #1!!!

    Back right after fall 2008, Fred G. thought it would be a GREAT idea to hire a handful of Bear mortgage guys and guarantee them – big bonus guarantees for '09! Because maybe someone else would snap those geniuses up! So year-end 2009 rolls around, the bonus pool is X, and 75%-80% of X is taken up by the Bear guarantees! So everyone else gets squat.

    So non-new-hires: Say hello, wilkommen and bienvenue to the people taking your 2010 and 2011 bonuses.

  23. 23
    Posted by Fred Goodwin | September 21, 2011 at 10:21 AM

    Yeah, we tried that too.

  24. 24
    Posted by Guest | September 21, 2011 at 10:24 AM

    i really liked this.

  25. 25
    Posted by jeff hoffman | September 21, 2011 at 11:36 AM

    Republican definition of a job creator

  26. 26
    Posted by Not Me | September 21, 2011 at 12:05 PM

    Welcome to America! We hope you enjoy your stay.

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