• 19 Apr 2012 at 2:50 PM

Layoffs Watch ’12: Bank Of America

…needs a few more years to get through its “cost-cutting initiative.”

Head count dropped by 3,000 from last quarter, the bank said today. Bank of America this quarter entered the second phase of “Project New BAC,” its companywide cost-cutting initiative, targeting a $5 billion reduction in spending by the bank by the end of 2014. Some of that will come from job cuts, the bank has said, as it plans to reduce the number of positions at the bank by 30,000 over the next three years…The current phase of New BAC will be focused on saving money in its commercial banking, global wealth and investment management, world-wide corporate banking, global markets and some support functions. The spokesman could not confirm that future reductions will be limited only in these businesses, as “some of the ideas that came from Phase 1 will take a number of years to implement.”

[FINS]

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Comments (83)

  1. Posted by Cut Me | April 19, 2012 at 2:58 PM

    1) Fire 30,000 employees (mostly low level, low wage ones)
    2) ????
    3) Profit

  2. Posted by PTSD | April 19, 2012 at 3:02 PM

    We're not going to get fired, because we've already been fired. About 3 days ago a couple pink slips came in the mail. One for you and one for me. So what did I do? I mailed them halfway to Siberia.

    -BAC Analyst Class 07

  3. Posted by _guest | April 19, 2012 at 3:11 PM

    “some of the ideas that came from Phase 1 will take a number of years to implement.”

    Is Phase 1 over or not then?

    -Confused

  4. Posted by Peter Gibbons | April 19, 2012 at 3:18 PM

    You know how many people used to work under me Bob?

    How many?

    Eight, Bob. So that means that when I make a mistake, I had eight different people to blame it on. That's my only real motivation is not to be hassled, that and the fear of losing my job. But you know, Bob, that will only make someone work just hard enough not to get fire another analyst.

  5. Posted by Hakuna Matata Guy | April 19, 2012 at 3:21 PM

    Is Del Boca Vista Phase 2?

  6. Posted by UBS MD | April 19, 2012 at 3:25 PM

    $5,000,000,000 / 30,000 = $166k. Seems like they could cut a whole lot more people, right?

  7. Posted by those were the days | April 19, 2012 at 3:39 PM

    I liked the Old Project BAC better under Ken Lewis. Each day our BAC started at .00, and we saw how many Boone's we could drink to get our BAC up.

  8. Posted by dumb | April 19, 2012 at 3:43 PM

    Ken Lewis is getting about $3.5mm a year in pension payouts for the rest of his life – what a douchebag.

    -Vikram Pandit

  9. Posted by Strong sell | April 19, 2012 at 3:44 PM

    We're gonna be getting rid of these people here… First, Mr. Samir Naga… Naga… Naga… Not gonna work here anymore, anyway [burst of laughter]

  10. Posted by Bob Slydell | April 19, 2012 at 3:56 PM

    Well, just a second there, professor. We, uh, we fixed the *glitch*. So he won't be receiving a paycheck anymore, so it'll just work itself out naturally.

  11. Posted by baml analyst | April 19, 2012 at 4:07 PM

    Next round = early May

  12. Posted by guest | April 19, 2012 at 4:10 PM

    they should fill that 30k from the top down… BAML, what a shit show

  13. Posted by HungryIntern | April 19, 2012 at 6:52 PM

    BofA, is a prime example of what happens when the world lets a Mississippian run a company.

    ~GWB

  14. Posted by Christian | April 19, 2012 at 11:13 PM

    Axe falls May 10. This will be 1 of several rounds of cuts.

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    April 18th, 2012 at 5:46 pm

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