Project New BAC

Would’ve been quite the gag but no, he was serious, in case there was a question in anyone’s mind. Read more »

Actually, we don’t know the reason why several dozen employees in  the bank’s global markets unit in Asia are going to be fired, only that these cuts are not part of Project New BAC (the company’s plan to save $8 billion by laying off 40,000), so “just for fun” is one possibility. Read more »

  • 26 Sep 2012 at 3:10 PM

Layoffs Watch ’12: Bank of America

More cuts are expected at the House of Moynihan this week. Read more »

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. Read more »

  • 18 Jul 2012 at 4:07 PM

Layoffs Watch ’12: Bank Of America

Project New BAC continues, only now that it’s worked out some of the initial kinks, management is going to fire people a lot faster that before. Read more »

  • 01 May 2012 at 10:27 AM

Layoffs Watch ’12: Bank Of America

In April 2010, Bank of America said ENOUGH. Enough with this losing of money business. We want to know what it’s like to have a quarter in which we actually make a little– wouldn’t that be something? As this was a very lofty goal for the firm, the higher-ups knew they had to get serious– really focus and hone in an on plan of action. First, they gave their new (money-making) mission a special codename: Project New BAC. Then, 44 executives “fanned out around the company to ask employees low- and high-level for ideas on how BofA [could]…reduce expenses.” As we now know, what they came up with re: the reduction of expenses was that 30,000 people should be fired and over the last year, exactly that has happened. And even though a whole bunch of senior people have quit on top of the ones who left involuntarily, which has helped the bottom line a bit, it hasn’t been enough for meddlesome investors to put a sock in it re: “reining in expenses” and “profit outlook” in general. So, a couple things are going to happen: 1. A whole bunch of well-paid* bankers are going to be escorted out of the building and 2. In order to pick up the slack left behind, clusters of junior bankers are going to put in vans that will drop them off in whatever division needs them most at the time. Read more »

  • 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.” Read more »

  • 30 Jan 2012 at 4:13 PM

Layoffs Watch ’12: Bank Of America

BofA may not yet be done implementing all the ideas Team Project New BAC came up with after “fanning out around the company to ask employees low-and high-level for ideas on [how to] reduce expenses.” Read more »