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Bank of America to close 600 branches

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posted on Sep, 8 2011 @ 04:29 PM
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Charlotte -- Details of Bank of America's restructuring and layoff plans are starting to emerge.

The banking giant is splitting itself into two units, one to handle consumer banking and another to handle commercial financial needs. According to CNN, that means as many as 600 branches will be shut down across the country.

Industry analysts say Chief Executive Brian Moynihan's moves signal that broader and deeper layoffs than those previously announced by the bank could be imminent.

In what the bank called Tuesday a "de-layering", Moynihan put two senior executives -- David Darnell and Tom Montag -- into the roles of co-chief operating officers.


Well, this seems like the beginning of the end for BoA, and I for one am very happy to see it finally happening.

It's good to see any bank fall like this and hopefully more will follow suit and we will end up bank free.


Good to see and happy to share the information with all of you. You better be as happy as me.


Any thoughts?

Pred...




posted on Sep, 8 2011 @ 04:33 PM
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Hate to see people lose jobs but screw BofA. They had no pity for those they screwed in the past. People lost homes because of this slimy org



posted on Sep, 8 2011 @ 04:39 PM
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Originally posted by predator0187

Any thoughts?

Pred...


Yeah actually a couple spring to mind.

1.) Bank of America is a massive institution that won't be easily absorbed if it goes under. I don't know of one single bank that is large enough to consume all of BoA assets and holdings, so that would mean that multiple banks would have to raise capital to acquire all of the assets and deposits.

2.) Bank of America will not go alone which means another massive financial crisis that this country is not ready for.

3.) Unemployment will skyrocket if BoA did manage to collapse. It wouldn't just be BoA employees hitting the unemployment lines, it would also include many people from small businesses that currently have their payroll credit lines with BoA as well.

No matter how you look at it the information is all bad if BoA fails.



posted on Sep, 8 2011 @ 04:40 PM
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All of the "mega banks" should be disbanded. They should be permitted at the regional level only. Mega banks are a huge problem and do nothing for the people. I think most banks should operate more like credit unions.



posted on Sep, 8 2011 @ 04:41 PM
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Fall babe ... fall



posted on Sep, 8 2011 @ 04:45 PM
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reply to post by SpaDe_
 


There is no such thing as too big to fail.
There will be some short term pain with the break up of the mega banks. There is no real solution that does not involve pain. The chance for easy solutions has passed.



posted on Sep, 8 2011 @ 04:47 PM
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They'll get bought out by Chase



posted on Sep, 8 2011 @ 04:49 PM
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Oh no? What will I do with my $6 I have on my debit card?


Great Depression anybody???



posted on Sep, 8 2011 @ 04:50 PM
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reply to post by SpaDe_
 


It will be bad if they fall but it is inevitable. Of course they will put people out of work but these people are just supporting criminals anyway. I agree with the previous posters statement about banks being at a regional level, that is the only way to make them be fair. the have stole from us for too long and I will be happy to watch them fall. Hopefully it will only light a fire underneath people to start demanding to be treated fairly.

Pred...



posted on Sep, 8 2011 @ 04:59 PM
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Originally posted by sonofliberty1776
reply to post by SpaDe_
 


There is no such thing as too big to fail.
There will be some short term pain with the break up of the mega banks. There is no real solution that does not involve pain. The chance for easy solutions has passed.


Never said they were too big to fail, and I don't think them going down is a bad thing. If anything it's a step in the right direction. I just hope everyone is prepared for the problems that follow a bank this size collapsing.



posted on Sep, 8 2011 @ 05:02 PM
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Lawl the real probem is Federal Reserve. Bank Of America is just a low level player in a high stakes poker game.



posted on Sep, 8 2011 @ 05:03 PM
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I went into a BofA branch on the 4th of July weekend...

I was in Las Vegas at the time..

They had mexican flags flying..

they were celebrating some mexican holiday..

I withdrew all my money that day...

So..byby BoA!



posted on Sep, 8 2011 @ 05:10 PM
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Originally posted by SpaDe_
3.) Unemployment will skyrocket if BoA did manage to collapse. It wouldn't just be BoA employees hitting the unemployment lines, it would also include many people from small businesses that currently have their payroll credit lines with BoA as well.


If it happened to my bank I would have another account open in a credit union by the end of the day. The real businesses will/would get over something like this just fine. At most they would lose a payroll (The new bank would have no problem fronting them the money if they could prove they had the funds in the BofA business account to pay their employees)



posted on Sep, 8 2011 @ 05:29 PM
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reply to post by baddmove
 
Why? Do you actually think the US is independent, and free???



posted on Sep, 8 2011 @ 05:36 PM
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Originally posted by VforVendettea

Originally posted by SpaDe_
3.) Unemployment will skyrocket if BoA did manage to collapse. It wouldn't just be BoA employees hitting the unemployment lines, it would also include many people from small businesses that currently have their payroll credit lines with BoA as well.


If it happened to my bank I would have another account open in a credit union by the end of the day. The real businesses will/would get over something like this just fine. At most they would lose a payroll (The new bank would have no problem fronting them the money if they could prove they had the funds in the BofA business account to pay their employees)


Lehman Bros was not even half the size that BoA is and it sent shock waves around the globe creating a credit freeze. Why would any local bank be willing to take on say Best Buys revolving payroll credit line? If there is a credit freeze even those with impeccable credit ratings would find it difficult at best to secure a revolving credit line of any significant size.



posted on Sep, 8 2011 @ 06:20 PM
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Explain something. Why would a savvy investor like Buffett drop 5 billion into this train wreck ? Something doesn't add up here. He's an old buzzard but he didn't make his billions on nothing either. There is more to this story has to be for Buffett to commit that heavily.

brill



posted on Sep, 8 2011 @ 09:52 PM
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Originally posted by brill
Explain something. Why would a savvy investor like Buffett drop 5 billion into this train wreck ? Something doesn't add up here. He's an old buzzard but he didn't make his billions on nothing either. There is more to this story has to be for Buffett to commit that heavily.

brill


I thought that the minute I read that headline. BoA was falling in price then so I wondered what he was doing investing in it, I mean really Buffet can make money and this just seemed like a dumb thing to do.

Buffet's not dumb, but he invested in a company that was failing before, and seems to be continuing down that line. Maybe he made a mistake, or, there's a conspiracy here.


Pred...




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