Bank of America to lay off 40,000 people!

September 9, 2011

If only they’d waited a day or two, they might have been saved by the Obamessiah’s “jobs” plan being passed “right away.” But no, Bank of America had to go do this:

Bank of America Corp officials have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, the Wall Street Journal said, citing people familiar with the plans.

The number of job cuts are not final and could change. The restructuring aims to reduce the bank’s workforce of 280,000 over a period of years, the Journal said.

The Journal said BofA executives met Thursday at Charlotte, North Carolina, where the bank is headquartered, and will gather again Friday to make final decisions on the reductions, putting the finishing touches on five months of work.

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

The Journal said 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.

4 Responses to Bank of America to lay off 40,000 people!

  1. Those weren't bran muffins, Brainiac... on September 9, 2011 at 3:58 pm

    That’ll leave a mark… Especially since we expect the so-called “Jobs” speech was just another attempt by the loser to be able to blame someone else…

    I wonder how many of the BOA layoffs were forced by Obama’s decision to have AIG sue BOA (for AIG’s bad business decisions when they bought bad paper from Countrywide)? Given the Feds own 80% of AIG and BOA was the only corporation that paid back their TARP loans…

  2. Jacksonian Libertarian on September 9, 2011 at 5:47 pm

    This is exactly what I have been saying, Obama desperately needs to find a way to blame his and the Democrats failures on the Republicans and the TEA Party, and this is how he plans to do it. I don’t think it will work, as I think most everyone is now on to his BS, but he’s desperate so he had to try.

  3. Steve on September 11, 2011 at 5:44 am

    “Embrace the 0bama recovery”, eh 😳 Jokeleaf???

    What a dope!

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