U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-11-2008, 08:05 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,522,125 times
Reputation: 6378

Advertisements

Over the next three years.
AFP: Bank of America to cut up to 35,000 jobs


Talk about workplace anxiety.

"Hey Tom."

"Yes? Yes. Bill? Is today the day? It's me isn't it Bill? You've come to tell me it's over! I'm through, aren't I, Bill! Well, I guess it's time to tell you something, Mr. "I have a job and you don't." I hate you, Bill. I've hated you since I was hired! You're scum and the sight of you makes me want to puke. All day long, lording over your measly workers, watching us work ourselves to the bone while you gloat.. I've seen that glint in your eye, Bill and the gleeful spittle as you shank one after another of my co-workers in the heart. You go ahead, BILL! FIRE ME! JUST SAY IT ALREADY!!!!!

"Tom, I came to let you know your wife called while you were out.'

"Oh. Oh well, then. Thanks Bill. That is some good to know info.
Here's a tissue. You're drooling."

"Yeah, I know." MuAHAHAHAHAhhahahAHAHAAH!!!
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-11-2008, 08:36 PM
 
Location: Sherman Oaks, CA
6,561 posts, read 16,208,143 times
Reputation: 9330
Hahaha, LOL. That was pretty funny! Unfortunately, the layoffs won't be. It's not very comforting to know that these layoffs will be spread out over three years; for two and half years or more, some people won't know if their jobs are safe!

Much of the head-rolling is going to be at Merrill; after all, the combined company won't need two H.R. departments, two legal departments, two I.T. departments, etc. I can only hope that the severance packages will be good.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-11-2008, 09:45 PM
 
Location: WA
5,538 posts, read 22,623,809 times
Reputation: 6293
BOA is constantly doing reductions in workforce because of the regular acquisitions (having done a dozen major mergers over 20 years). They were still in the process of integrating LaSalle Bank and Countrywide Mortgage when they bought Merrill bringing in another 65,000 on top of the almost 300,000 they have. They are pretty good at it with decent benefits for those leaving.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-12-2008, 08:54 AM
 
Location: Great State of Texas
86,068 posts, read 76,820,773 times
Reputation: 27652
That type of anxiety is everywhere.

We're like cattle in a slaughterhouse feedlot..just waiting for our number to come up.

Best thing you can do right now is save, pay down your debts, refinance if you can and stock up the pantry...all this "just in case" your number comes up next.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-12-2008, 09:28 AM
 
Location: Los Angeles Area
3,306 posts, read 3,657,096 times
Reputation: 592
A lot of this is removing redundancies. Remember B of A acquired both Country fried and ML.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-12-2008, 09:29 AM
 
Location: NJ
2,111 posts, read 7,475,448 times
Reputation: 1018
Quote:
Originally Posted by HappyTexan View Post
That type of anxiety is everywhere.

We're like cattle in a slaughterhouse feedlot..just waiting for our number to come up.

Best thing you can do right now is save, pay down your debts,refinance if you can and stock up the pantry...all this "just in case" your number comes up next.
I have to make another trip to Costco again......
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-12-2008, 09:56 AM
 
Location: San Antonio
10,238 posts, read 19,698,639 times
Reputation: 10225
Well they've hammered the blue collar people about as much as they can, now it's time to go after the white collar folks. Afterall; college is the new vocational school, the office is the new factory and office workers are the new working class.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-12-2008, 12:24 PM
 
Location: Marietta, GA
7,862 posts, read 15,494,051 times
Reputation: 3583
Some of these layoffs are due to the gobbling up of Merrill Lynch and the huge acquisitions made by BofA in recent years. You can't keep merging organizations and not have redundancy and fat. The current economic climate and hit to their market cap has hastened and illuminated the need to cut, but it's been there for months.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-12-2008, 03:49 PM
 
866 posts, read 3,945,606 times
Reputation: 281
Quote:
Originally Posted by neil0311 View Post
Some of these layoffs are due to the gobbling up of Merrill Lynch and the huge acquisitions made by BofA in recent years. You can't keep merging organizations and not have redundancy and fat. The current economic climate and hit to their market cap has hastened and illuminated the need to cut, but it's been there for months.
This is very true!

BOA has taken on way to many companies, now they can't even handle all of what they have bought. They are a mega bank that believes bigger is WAY bigger and because of this I will not do business with them.

In October 2007 they bought all of the LaSalle Bank's throughout the nation, and still have not made a totall transition yet. Last May they put plastic tarp's over the LaSalle signs and now many of them are still up and falling apart and the bank is so large that they don't care about a few Michigan banks.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-12-2008, 08:16 PM
 
Location: Rockland County New York
2,984 posts, read 5,432,387 times
Reputation: 1295
Bank of America's business analysts know the state of the economy and are devising strategic steps to maintain that that the bank will survive the upcoming financial storm. They know the market is going to diminish greatly and they are trying to beat the clock while they have time. The banks and other corporation’s actions are telling us just how bad things are really going to be by devising serious cuts in their staffs.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top