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]

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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

  2. Guest says:


  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! :-)


  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


  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.

  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..

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