News

Bank Of America Hoping To Fire Thousands Of Employees In Record Time

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 for your protection)
Show all comments

86 Responses to “Bank Of America Hoping To Fire Thousands Of Employees In Record Time”

  1. 2 cubes over says:

    Call me, maybe?

    -at kearney recruiting quant

    • Dafuq says:

      "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

  2. Guest says:

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

    • Matt says:

      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

      • Guest says:

        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

  3. Angelo M says:

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

  4. 3rd tier grad says:

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

  5. Occupier says:

    Dear BoA-ites,

    Welcome to the 99%. Yes! :-)

    -Occupier

  6. Guyincharlotte says:

    But what will become of Charlotte?

  7. Guest says:

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

    – Fuld

    THE BROS ALWAYS WINS!

    • Kenny Boy says:

      Umm… not quite Fuld…

      I'm in the running with it….

      -Ken Lewis
      Guy who bought Countrywide AND Merrill Lynch

  8. Sean says:

    BAC that ass up

  9. Guest says:

    Time to eject some of the not so super pods

  10. guest says:

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

    – L. Falcone

  11. guest says:

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

  12. Guest says:

    Ready, fire, aim!

  13. Guest says:

    The Ginger giveth and he taketh away.

  14. Charlotte Harbor says:

    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.

  15. me again says:

    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.

  16. UBS HR says:

    Challenge accepted.

  17. tookanofferatGS says:

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

  18. The Slacker says:

    Bank of America sucks……..

  19. guest says:

    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.

  20. guest says:

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

  21. Guest says:

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

    • ibank4life says:

      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.

  22. Doctor love says:

    The parasites are dying off.

  23. J Cana says:

    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

  24. Andrea Smith says:

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

  25. That is absolutely brilliant! Congratulations on making an attempt to revitalize the created word no texting, no email, no whatever’s up coming! I don’t possess a pc proud of becoming “computer free”. Possibly old fashioned, but receiving a hand developed letter is going to be so refreshing! Thanks for focusing on a rapidly declining art the hand created letter and/or note.br /Can’t hold out to acquire my initially letter! Judy Robertson

  26. Bloody hell, there is a cheeseburger day now??

  27. This sounds like an exquisite way to welcome artists. I love this idea. And I also appreciate Tarte, that’s correct around the corner from my office )

  28. They forgot the explosion

  29. I am curious to find out what blog platform you’re utilizing? I’m experiencing some small security issues with my latest website and I would like to find something more secure. Do you have any solutions?

  30. thats why I’ll Never ever purchase everything Valspar… bought 3 gallons in their stain- peeled within months…only gave me $4o for product replacement- consider and get three gallons of stain for that!

  31. These kinds of films should really be censored,why need to there be a great deal dislike ,distrust when many of the religions teach like and kindness..? an atmosphere of like is definitely the only solution..

  32. Many thanks for posting this, It?s simply what I was researching for on bing. I?d a lot comparatively hear opinions from a person, barely than a company web page, that?s why I like blogs so significantly. Many thanks!

  33. Does he stick to his story or pull the “I was hacked” card ?

  34. It is important to understand the role that property damage insurance does not belong to you. Property damage insurance does not require the lender at the end of your assets. Most overseas lenders are happy to work with you for the loss. {||||

  35. Whap1981 says:

    Good day, are you the manager of this site? I have some urgent information. Please don’t get tricked by scammers trying to buy your website for only a few quick bucks…you’re controlling a first class GOLDMINE. Here’s the thing, I have a couple blogs myself, and since I pasted a few small lines of code in them (get it here —> <—-), they have been raking in for me a steady $500-$800 a day. Every day, whether or not I feel like working and I can prove it. CNN and BBC have dubbed it the most revolutionary cash funnel in 2011, I strongly recommend you hear the guy's story all the way to the end. It won't cost you a thing to see how he transformed himself by using this deadly tool:

  36. “Great, thanks for sharing this blog post.Much thanks again. Awesome.”

  37. The recruitment office and is becoming acclimated to the organization's strategic plan, which is th says:

    http://www.phoenixconsultancygroup.com/career-opp

  38. Thanks-a-mundo for the post.Thanks All over again. Want much more.

  39. I for example Your Post about Khmer Humourous » Somnangblogs Ideal what exactly I had been attempting to discover!.

  40. Ideally, you will want to plant once and then have a tendency your flower backyard garden year right after season. richard walker gebo positioning element is the challenging portion so doing it as soon as is the better way to go about it. Make your hole a little bit deeper then the plant root ball and a couple of inches broader. Put some organic and natural fertilizer in the bottom and a little bit up the sides. Make yet another hole in the organic and natural fertilizer to put the plant. The leading of the plant rootball must be just previously mentioned ground degree. Fill in with far more natural fertilizer pressing out any air pockets in the manure infill. Make a soil dish around the plant to hold h2o. Give the plant Nitro0gen feed after a month.

  41. I have discovered that smart real estate agents all around you are getting set to FSBO Advertising and marketing. They are noticing that it’s more than just placing a poster in the front property. It’s really about building associations with these retailers who one of these days will become customers. So, while you give your time and energy to supporting these traders go it alone : the “Law associated with Reciprocity” kicks in. Interesting blog post.

  42. Derick Kexel says:

    Very interesting information!Perfect just what I was looking for! “Justice delayed is justice denied.” by William Gladstone.

  43. Walter Bull says:

    Wonderful job, I was performing a google search and your internet site came up for homes for sale in Altamonte Springs, FL but anyway, I’ve enjoyed reading it, keep it up!