Earlier this month, Bank of America announced that it’d be laying off 30,000 employees, as part of a program designed to help the firm make/not lose money called Project New BAC. It’s not that Brian Moynihan et al wanted to let these people go, but thanks to decisions by his predecessors including but not limited to funding Ken Lewis’s Boone’s of the Month Club and paying $4.1 billion to find out what it feels like to be violated by Angelo Mozilo, it’d become more than a little necessary. Lest there be any confusion, the 13 members of BAC’s industrials group who were axed this afternoon did not fall under the “because we have to” but rather the “because we feel like it” category on Bri-Moy’s master spreadsheet. Sayeth Bloomberg: Continue reading »