• 09 Sep 2011 at 8:27 AM

Layoffs Watch ’11: Bank Of America Was Just Kidding About Laying Off 10,000 Employees

By

Oh, did someone say 10,000? That’s embarrassing. Number is actually more like 40,000.

Bank of America Corp. officials have discussed eliminating roughly 40,000 positions during the first wave of a restructuring that Chief Executive Brian Moynihan is expected to discuss Monday, said people familiar with the plans. The numbers aren’t final and could change. The restructuring would reduce the bank’s work force over a period of years. In fact, Mr. Moynihan may not discuss a job-cut number during next week’s presentation at the Barclays Capital 2011 Global Financial Services Conference in New York.

The planned personnel reductions at the largest U.S. lender by assets are part of an overhaul known as “Project New BAC,” after the Charlotte, N.C., bank’s ticker symbol. The 51-year-old Mr. Moynihan is trying to bolster profits amid concerns about Bank of America’s exposure to the slowing U.S. economy and a slew of mortgage-related losses and lawsuits…With Project New BAC, the bank hopes to make a strong statement to Wall Street about its commitment to getting leaner, these people said. Rivals such as J.P. Morgan Chase & Co., the second-largest lender in the U.S., operate with far fewer people.

Anyway, sorry for the mix-up! You know how it is. Glad we’re all on the same page now.


BofA Cutbacks May Hit 40,000 [WSJ]

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Comments (64)

  1. 1
    Posted by Andrew Ross Sorkin | September 9, 2011 at 8:37 AM

    TBTF or TBTC (To Big To Count)?

  2. 2
    Posted by The Wolf | September 9, 2011 at 8:40 AM

    Brian may as well plan on a nice long Christmas vacation with the family. He's out of BAC by year end for sure. Total incompetence……

  3. 3
    Posted by P the cable guy | September 9, 2011 at 8:55 AM

    The robots can do their jobs… and cheaper too!

  4. 4
    Posted by guest | September 9, 2011 at 8:57 AM

    haha, fooled you!

    - Lord Helmet

  5. 5
    Posted by guestapo | September 9, 2011 at 9:08 AM

    Yeah, no. Who do you think is going to take the job? It took them months of begging to get someone to take over for Ken Lewis (who introduced BM as CEO by saying he took the job "no one wanted").

  6. 6
    Posted by Barack Obama | September 9, 2011 at 9:18 AM

    Obviously you guys missed my giant pep rally last night.

  7. 7
    Posted by I am Funnybot | September 9, 2011 at 9:51 AM

    Awkwaaarrrd!!!

  8. 8
    Posted by The Repeater | September 9, 2011 at 10:05 AM

    Jobs that create jobs from jobs to jobs, in fact we will get Steve Jobs his job back

    -Job

  9. 9
    Posted by Bank of America | September 9, 2011 at 10:06 AM

    Hmm spend our money on purchasing defunk creditors with toxic debt or keep our employees around?

    Decisions, decisions…

  10. 10
    Posted by Guest | September 9, 2011 at 10:13 AM

    This nugget of a job title is from LinkedIn:
    Senior Vice President Online Products, Co-Head Southeastern Region eCommerce Global Wealth Management User Experience Team, Merrill Lynch Pierce Fenner & Smith a division of Bank of America Private Wealth Management.

    There may be some fat here to cut.

  11. 11
    Posted by Guest | September 9, 2011 at 10:34 AM

    I would like to suggest my good friend Nails. Hes good with others money.

    - J. Cramer

  12. 12
    Posted by Der | September 9, 2011 at 10:35 AM

    Get a life

  13. 13
    Posted by guest | September 9, 2011 at 10:38 AM

    yeesh. crack wise about PJ's markers while you're at it…

  14. 14
    Posted by Marky Mark | September 9, 2011 at 10:46 AM

    Defunky!

    -The Bunch

  15. 15
    Posted by guy 2 cubes over | September 9, 2011 at 10:53 AM

    aw did that hurt?

  16. 16
    Posted by Texashedge | September 9, 2011 at 10:56 AM

    +1234

  17. 17
    Posted by contango | September 9, 2011 at 10:58 AM

    Haha!

  18. 18
    Posted by Brian Durden | September 9, 2011 at 11:00 AM

    Bank of Amerillwide was the beginning, now it's moved out of the basement, it's called Project New BAC.

  19. 19
    Posted by Cut Me | September 9, 2011 at 11:02 AM

    The final step of Project New BAC, is a name change to Bank of Charlotte.

  20. 20
    Posted by Ashtray | September 9, 2011 at 11:05 AM

    Bank Of America Is Fine!

    -not jim cramer, not a fan of his work, but love the car people.

  21. 21
    Posted by Double D | September 9, 2011 at 11:08 AM

    Even Shitty is Better than BAC – now thats embarassing

  22. 22
    Posted by B2b MD | September 9, 2011 at 11:08 AM

    Time for Bryan to spend a weekend at Boone's Farm. Call me, ok?

    K. Lewis
    Lynchburg, TN

  23. 23
    Posted by rick | September 9, 2011 at 11:14 AM

    We should pass it now?

  24. 24
    Posted by shirley temple | September 9, 2011 at 11:40 AM

    you got fired. big deal. pick up your skirt, grab the fleshy patch where your balls used to be, and join us at franklin templeton.

  25. 25
    Posted by Texashedge | September 9, 2011 at 12:05 PM

    Was a good move making your speech on Thursday during the opening night of the NFL instead of the day before when nothing was going on.

  26. 26
    Posted by Book of Job Guy | September 9, 2011 at 12:11 PM

    Trust me, it's not always easy being Job.

  27. 27
    Posted by DingALing | September 9, 2011 at 12:55 PM

    Is it me or does the look on Bryans face say "I really have no idea wtf I'm doing"

  28. 28
    Posted by Guest | September 9, 2011 at 12:55 PM

    That's the kind of combination an idiot would have on his luggage…

  29. 29
    Posted by Guest | September 9, 2011 at 1:18 PM

    The look on Bryan's face says "I really have no idea wtf I'm doing," but the hair says "and that means I'll make a great senator from NC once I get canned"

  30. 30
    Posted by deal_mkr | September 9, 2011 at 1:20 PM

    anyone surprised after what the irish did to the banks in their own countries?

  31. 31
    Posted by Cut Me | September 9, 2011 at 1:39 PM

    Did somebody say handjob? Are you and MD?
    -Aspiring IB Analyst

  32. 32
    Posted by Louis Winthorpe III | September 9, 2011 at 1:58 PM

    HR better break out all of their most comfortable "fuck-me" boots… it's gonna be a long one.

  33. 33
    Posted by Brian with an I | September 9, 2011 at 2:03 PM

    Did you just demote him to "Bryan-with-a-Y"?

  34. 34
    Posted by guest | September 9, 2011 at 2:06 PM

    in retrospect, i probably should've used "keep firing, @ssholes" instead. damn it.

    - the OP who feels regret

  35. 35
    Posted by Guest | September 9, 2011 at 2:29 PM

    Obama tried to schedule his speech for Wednesday – the GOP didn't want to move the candidate debate that took place on Wednesday.

  36. 36
    Posted by J Cana | September 9, 2011 at 2:57 PM

    If Mumbles Moynihan attempts to fire you but you can't understand a word he is saying (except the we serve three customers speech) are you legally fired? Can I get a ruling on this?

  37. 37
    Posted by Texashedge | September 9, 2011 at 3:02 PM

    Good point, but 60 million people watched NOLA at Green Bay. I'da gone with Tuesday if not Wednesday.

  38. 38
    Posted by minus 1 | September 9, 2011 at 3:06 PM

    after 3 years of preparation, those two days were really the extra prep time he needed though

  39. 39
    Posted by Guest | September 9, 2011 at 3:07 PM

    Are you suggesting that one SVP head the Online Products Southeastern Region eCommerce Global Wealth Management User Experience Team, Merrill Lynch Pierce Fenner & Smith a division of Bank of America Private Wealth Management?

    Madness!

    - Current Co-Head/guy with 50-50 chance (above average!) of losing his job

  40. 40
    Posted by guest | September 9, 2011 at 4:10 PM

    judging by the quality of this post, you were probably fired a long time ago and haven't realized, please turn in your red stapler on your way out

  41. 41
    Posted by Too Anal To Ignore | September 9, 2011 at 4:20 PM

    Too: Hard To Spell?

  42. 42
    Posted by NOTaREALmerican | September 9, 2011 at 4:51 PM

    Na na-na na NAAA na. My Zombie is doing GREAT. Solid as a rock! Nothin wrong with my Zombie.

  43. 43
    Posted by Spirit Pointer | September 9, 2011 at 6:58 PM

    I know that dude, he"s the SVPOPCHSREGWMUET in the Atlanta office!

  44. 44
    Posted by sinjin smith | September 9, 2011 at 6:58 PM

    ha funny. streetofwalls .com has some analysts talking about what happened as they lived through it. it is pretty ugly

  45. 45
    Posted by Ken E. Lewis | September 9, 2011 at 7:05 PM

    Good Job Brian for fucking up MY company!

  46. 46
    Posted by Roger | September 10, 2011 at 1:37 AM

    UBS < BAC

  47. 47
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    I know him too, he drives a Dodge Stratus

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