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 »