Layoffs Watch '09: BAC

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The canning campaign begun yesterday at Bank of Amerillwide proceeds at a pace, and is expected to continue through Friday and into next week. Apparently the employees relieved of their duties yesterday were given 3-months plus 2-weeks for every year of service, no bonus. According to one current (and, fingers crossed, future) worker, three rounds of cuts are planned. He (Angelo Mozilo) added:

GCIB is pretty much set and Merrill has won most of the battles, you can tell by looking at the organization chart that was on the transition website.
Within GWIM there have been turf battles but things are starting to get settled, especially with the most recent departure on the brokerage side. The lower producing FAs who didn't get large retention packages liked McCann and are marking their discontent known.
A second round is scheduled for May and is contingent upon the economic environment.
There is a tentative third round planned for later in the year once things begin to settle out but don't know much more about this.

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