Skip to main content

Layoffs Watch '16: Bank of America Needs You! (To Help It Cut Billions In Costs)

Who's up to the job?
  • Author:
  • Updated:
Brian Moynihan/Getty Images

Brian Moynihan/Getty Images

The good news: cutting four-figures worth of employees last quarter helped Bank of America lower costs by 3.3 percent, to $13.5 billion. The less good news: there'll be a whole lot more where that came from, as Brian Moynihan is out to prove himself the little CEO that could.

“Many of you give us credit from having managed expenses from $70 billion five years ago” to the mid-$50 billion range today, Moynihan said. “The question is, can we do more?” Further job cuts will come from “hard work” and automation, even as the bank continues to invest in its sales force, he said, adding that operational costs such as data processing and telecommunications will decline. “Every single area is moving here,” and advances in fixed-income and equities electronic trading mean more jobs can be eliminated, Moynihan said.

BofA Trading Tops Estimates as Moynihan Vows Deeper Cuts [Bloomberg]


Brian Moynihan/Getty Images

Layoffs Watch '16: Bank Of America Is Putting Senior Staff Out To Pasture

The House of Moynihan is reportedly having some awkward conversations in the conference room today.

Layoffs Watch '16: Bank of America Not Done Axing People

Brian Moynihan casually mentioned future cuts to shareholders today.

Bonus/Layoffs Watch '16: Bank of America

They're both on the horizon but in a rare turn of events for BofA employees, things could actually be worse.

Layoffs Watch '16: Bank Of America Giving Traders The Ax

The cuts are said to be going down in the U.S. circa now.

Layoffs Watch '16: Only YOU Can Help HSBC Cut $5 Billion In Costs

Employees across the pond know what we're talking about.

Layoffs Watch '15: Credit Suisse Wants You! (To Help It Cut Costs By 3.5 Billion Francs)

This is not so much a request as a requirement you're unlikely to get around, unless anyone is considering chaining themselves to their desks.