Remember Project New BAC, i.e. Bank of America’s plan to transform itself from Ken Lewis’s house of fun, where everyone went home happy but the concept of making money was less of a focus than keeping the good times coming, to an institution that did things like post profits? The bank has said previously that PNBAC “will result in $8 billion in annual savings by 2015—$5 billion from the first phase and $3 billion from a second phase” and while it stands by those figures and remains committed to cutting as many employees as it takes, some people would like them to be a bit snappier about it.

Bank of America is accelerating a broad cost-cutting plan and has set a target of shedding 16,000 jobs by year’s end—cuts that would see the company relinquish its title as U.S. banking’s largest employer. The proposed year-end total of 260,000 would be the lowest count since 2008 and likely give Bank of America a smaller workforce than JPMorgan Chase, Citigroup, or Wells Fargo…Chief Executive Brian Moynihan is trying to speed the company’s transformation into a smaller and more efficient operation as he tries to persuade investors that expenses can be adjusted to compensate for revenue lost to new regulations, an uneven economy and shaky markets. Since becoming CEO in 2010, he has shifted away from a nationwide expansion strategy embraced by his predecessors Hugh L. McColl Jr. and Kenneth D. Lewis, and shed many of the businesses that he considers to be nonessential…Hitting the new staffing target would fulfill a year early Mr. Moynihan’s pledge to slash the bank’s workforce by approximately 30,000. “If they want to make any headway toward improving profitability,” said Sterne Agee & Leach Inc. senior banking analyst Todd Hagerman, “they need to accelerate the timeline.”

Can they do it? Stay tuned!

Bank Of America Ramps Up Job Cuts [WSJ]

86 comments (hidden to protect delicate sensibilities)
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Comments (86)

  1. Posted by 2 cubes over | September 20, 2012 at 8:47 AM

    Call me, maybe?

    -at kearney recruiting quant

  2. Posted by Guest | September 20, 2012 at 9:03 AM

    BESS I SWEAR I'VE BOUGHT 4 PAIRS OF PANTS FROM THE GUY EYE FUCKING ME ALL DAY PLEASE MAKE IT STOP

  3. Posted by Angelo M | September 20, 2012 at 9:06 AM

    But the good news is there are plenty of openings for caddies at Sherwood.

  4. Posted by Matt | September 20, 2012 at 9:24 AM

    According to my findings the Bonobos guy accounts for 39%* of jokes and or comments, chart soon to come.

    *this is based on a weighted average depending on word count, footnotes, and content

  5. Posted by 3rd tier grad | September 20, 2012 at 9:40 AM

    But where are all the 2nd tier Ivy League grads going to go?

  6. Posted by Jefferies | September 20, 2012 at 9:55 AM

    You rang?

  7. Posted by Occupier | September 20, 2012 at 9:58 AM

    Dear BoA-ites,

    Welcome to the 99%. Yes! :-)

    -Occupier

  8. Posted by Guyincharlotte | September 20, 2012 at 10:02 AM

    But what will become of Charlotte?

  9. Posted by Guest | September 20, 2012 at 10:04 AM

    I'm pretty confident my record of # of employees losing their jobs in record time will stand

    - Fuld

    THE BROS ALWAYS WINS!

  10. Posted by Sean | September 20, 2012 at 10:17 AM

    BAC that ass up

  11. Posted by Kenny Boy | September 20, 2012 at 10:18 AM

    Umm… not quite Fuld…

    I'm in the running with it….

    -Ken Lewis
    Guy who bought Countrywide AND Merrill Lynch

  12. Posted by Dafuq | September 20, 2012 at 10:30 AM

    "Set opportunity in motion"

    "Around the corner, across the country, or across the globe; a career with Bank of America can take you as far as your talent and ambition will go. 

Our heritage spans more than 200 years of investing in the people, industries and communities we serve. And every day, we’re creating a larger opportunity that makes our future — and yours — even more promising."
    http://careers.bankofamerica.com/careershome.aspx

  13. Posted by SellingLow | September 20, 2012 at 10:32 AM

    At least somebody is happy to have them.

  14. Posted by Sean | September 20, 2012 at 10:36 AM

    Dear Occupier,

    Welcome back, it's been a long time.

    -Every shower, ever.

  15. Posted by Guest | September 20, 2012 at 10:46 AM

    Time to eject some of the not so super pods

  16. Posted by Standard & Poors | September 20, 2012 at 10:53 AM

    dibs

  17. Posted by pazzo83 | September 20, 2012 at 10:55 AM

    Dear Occupier,

    Please, leave us alone.

    - Ctrl+C, Ctrl+V

  18. Posted by guest | September 20, 2012 at 10:59 AM

    Yes, because immediately upon getting fired they:

    a) trade in their useful degrees for ones in art history
    b) decide mom and dad's basement will make a pretttay cozy home for the next 10 years

    Glad we cleared that up.

  19. Posted by guest | September 20, 2012 at 11:00 AM

    I will be conducting my own "Project new BAC" this weekend if anybody would like to join.

    - L. Falcone

  20. Posted by guest | September 20, 2012 at 11:02 AM

    did this really need to happen RIGHT after Meredith Whitney made her comment about job losses last night?

  21. Posted by PermaGuestII | September 20, 2012 at 11:06 AM

    Read my book and find out!

    -E.B. White

  22. Posted by Guest | September 20, 2012 at 11:09 AM

    When did the "BoA-ites" make it to the 1% exactly?

  23. Posted by Goldman Baller | September 20, 2012 at 11:12 AM

    Damn right. Only GS / MS / JPM (I-bankers) are the ballers on Sell-Side who make it to the 1%.

    -Goldman 1st year analyst
    Right out of Top-Tier Ivy (H/Y/P)

  24. Posted by Guest | September 20, 2012 at 11:44 AM

    Obvious fake:

    – No decimal points in the percentage calculation
    – Not specifying the breakdown between "jokes and or comments"…
    – Chart delayed
    – Not listing assumptions (depending on word count, footnotes, and content)
    – Only one sentence
    – Only one footnote

  25. Posted by Guest | September 20, 2012 at 11:46 AM

    Confirmed for Penn (non-Wharton) grad with an HR internship.

  26. Posted by Guest | September 20, 2012 at 11:53 AM

    Ready, fire, aim!

  27. Posted by Lebowski | September 20, 2012 at 11:55 AM

    Your revolution is over, Mr. Occupier. Condolences. The bums lost. My advice is to do what your parents did; get a job, sir. The bums will always lose. Do you hear me, Occupier?

  28. Posted by Guest | September 20, 2012 at 12:16 PM

    I bet he still uses the mouse

    -2nd yr analyst

  29. Posted by guest | September 20, 2012 at 12:16 PM

    how's that new analyst program at GS working out for you? http://online.wsj.com/article/SB10000872396390443

  30. Posted by Egan AND Jones | September 20, 2012 at 12:17 PM

    Watch your back, brah.

  31. Posted by J. Thain | September 20, 2012 at 12:17 PM

    needs more love.

  32. Posted by Kenny L | September 20, 2012 at 12:21 PM

    That's actually the old project BAC, but I'll take you up if there's Boone's Farm involved

  33. Posted by Guest | September 20, 2012 at 12:31 PM

    The Ginger giveth and he taketh away.

  34. Posted by Charlotte Harbor | September 20, 2012 at 12:42 PM

    But….but…….Brian told me if I take the fall he would pay all my bills and take me to a nice dinner and maybe a modest vacation.

  35. Posted by Merrill | September 20, 2012 at 12:46 PM

    Goldman Baller —

    No sympathy for your neighbors in the next building over at Merrill Lynch?

  36. Posted by Goldman Baller | September 20, 2012 at 12:47 PM

    Guest —

    Two years of pain, then a lifetime of gain. Just a year and a half more before I move on to a sweet buy-side gig at a prestigious large-cap P.E. firm. With that I'll get prestige, job security and a big bonus.

    You sir, what will you get two years from now?

  37. Posted by me again | September 20, 2012 at 12:50 PM

    Bess and DB Team,

    Thanks for the Bonobos email notifying me of the current sales ect. It will probably be most helpful to the BofA employees who may need a new look for interviewing.

  38. Posted by guest | September 20, 2012 at 12:53 PM

    I'm gonna take a wild guess and say more thumbs up on DB

  39. Posted by UBS HR | September 20, 2012 at 12:58 PM

    Challenge accepted.

  40. Posted by guest | September 20, 2012 at 1:08 PM

    fyi, lazily coupling bonobos with whatever bank/HF/person is featured in the DB article =/= funny.

  41. Posted by Flo | September 20, 2012 at 1:14 PM

    Nah, I'm guessing gerbil.

    R. Gere

  42. Posted by HungryIntern | September 20, 2012 at 1:31 PM

    "Useful degrees", are you talking about Classics Studies, Russian Literature, Government or any other liberal arts degrees that some of the top Hedge Fund managers have…

    I am sure you are kicking ass and taking names, but do not shit on someone’s degree b/c they were not an accounting major at some POS Big East school.

  43. Posted by T. Wolfe | September 20, 2012 at 1:32 PM

    Or mine!

  44. Posted by PermaGuestII | September 20, 2012 at 1:40 PM

    Accounting major at a Big East school probably describes 95% of BofA's IB division.

  45. Posted by tookanofferatGS | September 20, 2012 at 1:45 PM

    So THAT is why my first year analyst friend told me to come see him bartend…

  46. Posted by The Slacker | September 20, 2012 at 1:49 PM

    Bank of America sucks……..

  47. Posted by Miranda | September 20, 2012 at 1:50 PM

    I'm pretty sure she got back together with Mr Big.

    - SJP

  48. Posted by guest | September 20, 2012 at 2:05 PM

    what a huge downer it has to be to work at a bank whose publicly articulated "strategy" is a long, slow contraction facilitated by bleeding people and assets.

  49. Posted by güest | September 20, 2012 at 2:09 PM

    Looking for the clients yachts, probably

  50. Posted by The Bulge Bracket | September 20, 2012 at 2:17 PM

    Do you have a particular one in mind?

  51. Posted by guest | September 20, 2012 at 2:19 PM

    No, I was talking about Medieval Studies from a PAC-10 school. That's what real Wall Street titans get.

  52. Posted by guest | September 20, 2012 at 2:40 PM

    guest's comment was funny when i read it fast and thought he was talking about bleeding asses

  53. Posted by Judge Smales | September 20, 2012 at 3:54 PM

    Bushwood dumbass…

  54. Posted by guest | September 20, 2012 at 3:57 PM

    an MRS and house in the suburbs plus a vacation home that my eventually bored, unfaithful husband works like a dog year round for b/c i'm a girl. Pretty sweet deal actually. enjoy those all nighters!

  55. Posted by fitting in | September 20, 2012 at 4:31 PM

    inferiority complex much? compensating for something?

  56. Posted by Guest | September 20, 2012 at 4:45 PM

    BofA's slow implosion is the equivalent of an economic stimulus act for boutique firms.

  57. Posted by John | September 20, 2012 at 5:05 PM

    They use Apple computers so it's Command+C, Command+V

    Guy sitting at his unemployed son's Apple Computer.

  58. Posted by Guest Person | September 20, 2012 at 5:21 PM

    You sir, are a moron.

  59. Posted by ibank4life | September 20, 2012 at 5:44 PM

    Funny how the elite boutiques have comparable deal flow to these hurting BBs, yet have absolutely no notoriety among the occupiers. MDs must be living the life at LAZ, Evercore, Moelis, Greenhill, etc.

  60. Posted by Guest | September 20, 2012 at 5:48 PM

    Goldman Baller is a caricature right? There's no way that someone could be this big a tool.

  61. Posted by Bittersweet | September 20, 2012 at 6:16 PM

    She dies after laying her eggs. Most of them fly away but a few stay behind to keep Wilbur company.

  62. Posted by Doctor love | September 20, 2012 at 6:27 PM

    The parasites are dying off.

  63. Posted by Carrie Bradshaw | September 20, 2012 at 7:11 PM

    That Slut !

  64. Posted by J Cana | September 20, 2012 at 10:56 PM

    Should start with Andrea Smith and the 5000 people in HR who don't produce a dime of revenue…then fire Anne Finucane and our worthless marketing department

  65. Posted by Andrea Smith | September 21, 2012 at 6:19 AM

    Hey! We put together an training course the covers worthless marketing..

  66. Posted by Ticonderoga | September 21, 2012 at 9:42 AM

    Hey!

  67. Posted by HungryIntern | September 24, 2012 at 2:25 PM

    I actually went to a University Athletic Association school, but close enough…

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