Bank of America to Slash 30,000 Jobs in Cost-Cutting Plan

[KeepItReal]

Source: Bloomberg

Sept. 12 (Bloomberg) -- Bank of America Corp., the biggest U.S. lender by assets, will eliminate 30,000 jobs in the next few years as part of Chief Executive Officer Brian T. Moynihan’s plan to bolster profit and the company’s stock.

The reductions, equal to about 10 percent of the staff, are part of an overhaul that aims to remove about $5 billion in annual costs by the end of 2013. Moynihan’s plan, dubbed Project New BAC, included a management shakeup last week that elevated Thomas K. Montag and David Darnell to co-chief operating officers and left Sallie Krawcheck and Joe Price without jobs.

Bank of America announced the job cuts in a statement minutes after President Barack Obama began delivering remarks about his efforts to increase employment. The Charlotte, North Carolina-based company is seeking to shave about 18 percent of $27 billion in consumer-related expenses, Moynihan said.

Read more: http://mobile.bloomberg.com/news/2011-09-12/bofa-to-slash-30-000-jobs-in-first-phase-of-cost-cutting-program?category=%2F

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A B of A exec caught on camera promising to support Rick Perry and now this...

(Edited to add link)

[Enrique]

1. someone will get a nice bonus for that

:toast:

[OhioChick]

2. Will the job cuts be overseas? n/t

[valerief]

3. I'm sure they'll all be US jobs. nt

[vets74]

18. They're slaughtering the last of Countrywide.

And the other acquisitions.

S.O.P.

Timing this to go opposite the AJA speech... they ain't amateurs.

[InkAddict]

4. Will these steps make this go away? or will American globalist-owned judges make it disappear?

http://www.loeb.com/financialinstitutionlawsuitoffshoringcalldatacenterservices/

The offshore outsourcing of customer service call center and data center services to locations outside of the U.S. has become a fairly standard business practice in many industries. Now, a consumer class action lawsuit filed against Bank of America on Aug. 3, 2011, challenges the financial industry's practice of transferring customer service calls to offshore call centers staffed with foreign nationals, alleging that doing so puts the privacy of customers' financial information at risk - not from hackers and thieves, but from surveillance by the U.S. government.

According to the complaint in Stein, et al. v. Bank of America, et al., filed in the U.S. District Court for the District of Columbia, the electronic transfer of customers' financial records that occurs when calls are transferred to overseas call centers allows the U.S. government to intercept and seize these records without violating the Fourth Amendment to the U.S. Constitution (prohibiting illegal searches and seizures) or any other U.S. laws that would otherwise have prohibited these government actions had such calls been transferred to call centers located in the U.S. This transfer is allegedly conducted without the knowledge or prior authorization of customers, which the plaintiffs allege violates the federal Right to Financial Privacy Act. In addition, the complaint alleges that routing the calls overseas violates the D.C. Consumer Protection Procedures Act, and contains causes of action under the common law doctrines of unjust enrichment, negligent bailment and negligence. Similar class action lawsuits have been recently filed by the same plaintiff's counsel against American Express...

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Sections of unsustainable hulk of the Titanic - buoyed only by corruption itself...still unlikely there's enough lifeboats nor rescue vehicles within range of assistance to passengers/depositors/creditors...at one time, Jamie wanted salvage rights. Changed your mind, Jamie. Gotta keep too much in reserves compared to Europe, Jamie?

And what of Warren's recent contribution?

[onehandle]

5. We should have given them dump truck loads full of money...

...oh wait.

[aquart]

6. Oh, those busy job creators.

[4dsc]

7. Anti American this company is.

[fascisthunter]

8. Bank of Republican Party... the Unamerican Bank

I may have to post material near every Bank of America ATM I see... such as, "This Bank has been Instrumental in destroying American's Democracy and the middleclass."

[chelsea0011]

9. Quick! Give them a tax break!

:spank:

[Overseas]

10. Gotta cut those jobs because the economy is down because so many people don't have jobs.

to save 5 billion by 2013.

Wow, BofA really cares about America.

[SoapBox]

11. Dear Wall Street Banksters...Where are the jobs?

Guess you got not clue, since you are getting rid of them as fast as possible.

Criminal and Un-American.

[Hubert Flottz]

12. They want to help Mitch cause Obama to fail.

Nada to see there!

[Left Coast2020]

13. Tell people to pull their money out of this discusting company.

:argh:

[tridim]

14. The end result of tax breaks AND massive bailouts.

They've already stolen all the money, nothing else matters, especially jobs.

[davidwparker]

15. BofA members ... move your money to credit unions and

local banks.

[LiberalEsto]

16. They should start with the CEO's job...

and fire ALL the top executives.

That would save more money than sacrificing 30,000 workers, and would undoubtedly improve the company.

[jonthebru]

17. Capitalism is not a nationalist economic belief.

In fact quite the opposite. That guys job is to make money for shareholders no matter how or where.
Only the laws of a given country will prevent the exploitation of the people and their economy. But as we all know, the corporatists own our lawmakers and the whole process. That leaves all of us and our country as a whole vulnerable.
Let's just hope none of the republic-thugs who are "debating" tonight does not get elected to the presidency next year.

[defendandprotect]

19. Gratitude for the taxpayer bail outs -- ???