I'm hearing BofA leadership is getting ready to announce a first round of layoffs in late/Jan and February.
I know several Tech contractors who worked in GT&O whose contract was not renewed into 2021. I'm thinking bonuses will be lowered or not offered at all to non-revenue generating teams.
Anyone else have more details on this?
I got laid off today and am in CRO. b—s—
BOA usually lays off April or may so be prepared they have Lot of people that they want to cut in 2021
https://www.reuters.com/article/us-bank-of-america-layoffs/bank-of-america-reduces-staff-in-investment-banking-and-trading-bloomberg-news-idUSKBN2AP2JR
First round of layoffs announced, seems like more to come.
The links pasted below are to 12 year old articles.
Report estimates 35,000 to be laid off soon, but BofA didn't confirm nor deny.
https://www.investmentnews.com/report-major-bofa-layoffs-expected-this-week-19608
https://www.investmentnews.com/report-major-bofa-layoffs-expected-this-week-19608
First round of layoffs confirmed! 4,000 to be laid off soon. Just the beginning.
I bet you weren’t even trained properly to do your job well, contractors I saw get let go we’re having issues because people who trained them didn’t know what they were doing or just didn’t care cuz they were contractors and would be gone soon anyway, pick one
That’s the price of being a contractor. You’re paid more but you’re not an employee. They won’t protect you. They protect their employees first. When budgets get cut they don’t renew the contractors. They have contractors so that they don’t have to hire and fire people. If you want to be “protected” take a pay cut and become an employee.
i was in another big bank during the 2008 recession working as contractor. at that time, that bank did not layoff the contractors (unless you passed 18 month limit ) instead they cut the pay rate by 10% so the contracting company passed that cut totally to contractor.
Were you in a Tech role?? Agreed, management really should have given more notice.
I am one of the many contractors who are either already let go or to be let go mid January 2021. The announcement came just before the Christmas week! Nobody hires or even interviews around the holiday season. The management should know much better than this. They could have informed us in the beginning of the 4th quarter so we would have been much more prepared. They speak so much about giving back to the community and protecting the employees but all that is marketing BS. Aren't contractors people who have families and mortgages to pay?
Very irresponsible managers and management.