Bank of America to fire 10 000 employees

Ah... BAC going down... how sad... NOT.

Reports: Bank of America to ax 10,000 or more jobs

Bank of America Corp. is cutting 3,500 employees this quarter and working on restructuring plans that will ax several thousand more jobs, The Wall Street Journal and The New York Times reported citing people familiar with the situation.

The reports Friday said that the job cuts at the biggest U.S. bank by assets might exceed 10,000 or about 3.5 percent of its current work force.

Boohoo. I won't lose sleep over all these bankers and clerks losing their jobs. Working for those SOBs? You deserve to lose your job.

reply to post by Vitchilo


Its not rich bankers who will lose their Job, its all those people who earn the average wage working in the banks who will lose their job.

I guess the sheeple are more interested on who's divorcing who in the celebrity world than this.

I read this earlier today (Aust EST) and thought it just goes to show how desperate the bank is getting, probably hoping to inspire investor confidence by showing it will can boatloads of its employees to continue making profit. I don't share the OP's view on the workers being sacked however, a lot of them work for crap wages and are treated just the same. I bet there is some very heavy handed performance management and I know what it is like to be under that kind of rotten corporate treatment. Sometimes it is not easy to get another job and some people cannot afford to risk it. I reckon this bank is on its last legs.

Originally posted by CasiusIgnoranze
reply to post by Vitchilo

 

Its not rich bankers who will lose their Job, its all those people who earn the average wage working in the banks who will lose their job.

So what. They still deserve it. They work for these bastards.

Let's say a drug cartel fights another drug cartel and a bunch of ``foot soldiers`` get mowed down... is that a loss? Sure it would have been better if the leaders of the drug cartels would have been killed, but the less foot soldiers the drug cartels have, the better. It's the same with BAC.

People working at BAC are PART OF THE PROBLEM even if they just have low level jobs. You will say ``we have no other job``... so what, you always have the choice... stand by your principles or sell out. People working at BAC are sellouts.

Anyone working at a bailed out bank is a sellout.

I just wish it was JP Morgan Chase, the biggest corporation in the world.

I feel for the bank tellers but the Loan officers deserve it! Many pulled nasty bait and switch tactics on people trying to get a decent mortgage. The bank switched our fixed rate for a variable rate AFTER we signed. The rate only adjust UP by the way..... starting at 8.5% !!!!

Originally posted by Vitchilo

Originally posted by CasiusIgnoranze
reply to post by Vitchilo

 

Its not rich bankers who will lose their Job, its all those people who earn the average wage working in the banks who will lose their job.

So what. They still deserve it. They work for these bastards.

Let's say a drug cartel fights another drug cartel and a bunch of ``foot soldiers`` get mowed down... is that a loss? Sure it would have been better if the leaders of the drug cartels would have been killed, but the less foot soldiers the drug cartels have, the better. It's the same with BAC.

People working at BAC are PART OF THE PROBLEM even if they just have low level jobs.

I usually agree with you but not on this mate..
The lower level employees are probably just working there because it's the only job they could find or that their experience allows..

Banking is a necessary evil now with most companies paying directly into accounts..
They do not use cash..

Now if they said they were gonna fire 100 executives or stockbrokers then I'd be with you.

reply to post by backinblack


the CNBC (squawk) news said just minutes ago that the bank & investment house will cut 2,500 immediately with an additional ~10k getting axed during the planned 'restructuring' next quarter (oct-dec)

the 2500 are across the board cuts in both the banking and the investment portions of BoA

i bet the bulk of the layoffs will be in the investment sections because there isn't going to be a lot of stocks or 401k action much longer, the globe is ratcheting down to a Japanese stagflation model, a deflationary depression as it were

Yeah it's actually 3,500 jobs this quarter:

BofA cutting 3,500 jobs this quarter

reply to post by surrealist


yeah... its 3,500... i just heard the 7.30 news blurb on the same SquawkCNBC that said 2,500 earlier.


now it seems that these layoffs will be completed by Sept 30th, end of current Quarter...

now lets see just how the BLS translates these 3,500 lost jobs into lower unemployment figures

Originally posted by Vitchello
Its not rich bankers who will lose their Job, its all those people who earn the average wage working in the banks who will lose their job.

So what. They still deserve it. They work for these bastards.

People working at BAC are PART OF THE PROBLEM even if they just have low level jobs.

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Reply to Vitchillo by Backinblack:
I usually agree with you but not on this mate..
The lower level employees are probably just working there because it's the only job they could find or that their experience allows..

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My Reply to Backinblack:
Sorry BiB, but I wholeheartedly agree with Vitchillo on this one.
The people who chose to work for these banksters deserve to get axed. Did they really think that these pit bulls weren't going to chew them up and spit them out?

Besides, these people most certainly could've chosen to work somewhere else. It's quite difficult to get employed at a bank in the first place. You have to have an excellent credit score, no bounced checks ever, knowldgeable of cash handling, pass a vigorous background check, and pass all of their pre-employment test.

These folks chose to work for criminals and they are getting what they deserve. It's like the mafia. Just because you work for them, doesn't mean you're immune to their deadly tactics when they don't need you anymore.

All these people who are getting the axe will surely wish they had walked out before getting their walking papers. I just hope that some of the ones who will be fired end up coming forward with useful information that proves even further what criminals the banksters truly are.




Dang! How did I mess up that quote conversation so badly!?!? Sorry for any confusion I caused.