Contact Us

Bank of America May Cut 40,000 Jobs

Top executives at Bank of America are meeting today to talk about eliminating roughly 40,000 jobs during the first wave of a restructuring that aims to reduce the bank’s workforce of 280,000 over a period of years.

Justin Sullivan, Getty Images

The Wall Street Journal reports the executives are expected to make final decisions on the reductions at a meeting today in Charlotte, North Carolina, where the bank is headquartered.

The Journal says the proposed job cuts may exceed BofA’s last big cutback in 2008 when it called for 30,000 to 35,000 job cuts over three years.  That move was triggered by an economic slowdown and the planned takeover of securities firm Merrill Lynch & Co.

Investors are pressing BofA to improve its performance after it lost money in four of the last six quarters and its stock has lost half its value this year.

Banks around the world are shedding jobs because stricter regulations and a tough second quarter for trading income are taking their toll on investment banking units in particular.

More than 70,000 staff cuts have been announced this year or are reported to be in the works at U.S. and European banks, some of them to be lost over three or four year programs.

via BofA discussing about 40,000 job cuts: report – Yahoo! Finance.

Bank of America has branches in Lufkin and a number of other east Texas cities.  No one knows how many, if any, BofA branches will be closed, but big corporate cut-backs often include closing the less “profitable” branches outside highly populated urban areas.

 

More From KSFA:

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://ksfa860.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on NEWSTALK 860 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on NEWSTALK 860 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!