Estimated headcount is 15% company wide
36 replies (most recent on top)
Feb 18th
Chester isn’t getting hit, they are hiring out of the wazoo right now.
Tech is stacked in some areas and lots of duplication. If your team recently did one of those TOIL exercises… start looking now.
bump bump bump
Heard about this again this week! Watch out everyone...
@1nb+1jh8qzkfs, Chester UK?
Where is chester and what types of jobs are at that site. Tech, contract etc.
Word on the street is Chester will be hit very hard huge number of staff doing very little work and most of that work done badly. Probable 50 to 75% cut in workforce with potential for a full sit closure by end of Q4
@13s+1jh8qzkfs I'll take the retirement earlier if BOFA provides the severance to make the financial numbers pleasing to the investors. Like many people have stated repeatedly on this website, I am ready for a package if BOFA is pushing us out the door. I see the picture on the wall. Call it age discrimination or something else, but it is not as easy to find another job when you are close to retirement. Also, health insurance is not cheap unless you are under 26 years old living with your parents. It is a numbers game for making the final call on retirement and thus enjoying life afterwards. Eventually retirement will come at my choosing if BOFA does not want to make it for me.
I'm no where near retirement age so some of us HAVE to work many more years
@103+1jh8qzkfs. You are clearly incompetent, take retirement and enjoy your life
I think it's easy to say consider yourself lucky but finding a new job in this market is also tough people have been laid off for up to 12+ months and severance only covers so much.
$7B across two quarters to buy back stock, yet bonus pool is down yet again for what, the 6th year in a row, and no raises to compensate for inflation, and now rumors of large layoffs? F@ck this place! Consider yourself lucky if you get laid off and go find your happiness, because it damn sure isn’t here. I hope all those unrealized losses we carry on the Tbills come to fruition and destroys this place. No bailout this time, let it burn!
@wd+1jh8qzkfs and teammates -- go to:
How to navigate to it:
- Visit https://investor.bankofamerica.com (from any computer)
- Click 3rd Tab at the top: Quarterly Earnings.
- Scroll down to click on Supplemental Information. (PDF)
- Open PDF, go to Page 3, see Last Line: Headcount (as of Quarter End)
Publicly reported. It's there every quarter.
Currently running a bit "hot" at approx 5% over the 200k target.
Why do they care?
Because the Bank Analysts (who rate the stock -- which is all they care about) are watching and favor better managed expenses. Lower expense = more profit.
At least until there are none of us here anymore....
@rs+1jh8qzkfs, just to educate me, which line item in the earning supplement are we looking at?
@t9+1jh8qzkfs, 140K was back in 2012.
This place opts to go backwards in everything!!!!
https://www.statista.com/statistics/250220/ranking-of-united-states-banks-by-number-of-employees-in-2012/
I thought we were at the 140k employee mark. I have that stuck in my head for some reason.
@a2+1jh8qzkfs - agree. Brian is aiming to get it back down to $200,000-ish (ticked up last quarter) The YE number will be in the Earnings Supplement materials on BAC Investor website.
He def wants it back to 20k or maybe 190k at most.
I think it's been running 208k-213k for the quarters in 2024.
So 10,000 to 20,000 might be good ball park.
With pay down (in yet another "record" year), RTO 5 days/ week, etc., plus the overall miserable way we are treated by inept "leaders", that will surely get them close with many of us choosing to depart after comp is paid.
the minute that check clears, I am outta here!
@r0+1jh8qzkfs - consensus is you may feel you are "running thin" in GT, but it is because the division is an inefficient fiefdom built up and run by inept leaders, starting at the top.
So yea, you're over staffed. The whole org is bloated like the leader.
They've thrown more head count at it, only to get more inefficient and less production.
Unfortunately, you feel thin b/c the whole operation is run by a circus of inept "leaders" and the processes you are made to adhere to and follow are grossly inefficient.
Get ready for the OpEx train headed your way.
Do More With Less.
That's the BofA way!
Have you by chance seen what Zuck has recently said about AI?
Overstaffed in technology? I don't think so, there are some times running so thin, if you were staffing a branches the same way, you would have a single person covering all the banking centers in a given region.
We are overstaffed by 25000 and roughly 13000 in technology. This post is not realistic but looking at the excess numbers anything can be possible
too big to fail after Feb 18th
Going to be huge! Largest layoffs in company history!
Math much? 15% of 200k isn’t 21,000….
If BAC wants to do mass layoffs now, then welcome to the d-mbest leadership team in the financial sector. We’re on the cusp of a very active economic cycle again. You are going to need everyone you can get to keep up! Only reason to do massive layoffs now is to shrink the company in general. There isn’t a shareholder alive that would tolerate that right now, and heads would roll from the very top down.
21K layoffs at roughly 50% of the way through Q1. Hmm
@d3+1jh8qzkfs - Feb 14
Highly doubt lay-offs same day as bonus pay-out. (unless to "soften" the blow)
But if true, our own St Valentine's Massacre, brought to you by our Boston Fleet Mafia.
You don’t do layoffs the day after a long weekend. You do them before. Look at the calendar. This posting is Friday night looser garbage.
Yes, the best time to do layoffs is after paying out yearly bonuses. Because you know, they want to do things as cost ineffective as possible.
Post ID: @bj+1jh8qzkfs what is the YE bonus payout date :)
Poster is full of doggy doo.
well at least we'll clear the YE bonus payout date.
Where can I sign up. Happy to take the hit, save your seat and move on.
Unionize.
Citi was 7,000 and then the 13,000 is through 2025 and to be completed by end of 2026, not 15% all at one time. Citi is not as lean as BAC to begin with. BAC has a lot of dead weight but still much leaner than Citi at this point.
@aa+1jh8qzkfs did Citibank layoffs sink the bank?
If you are going to make up lies to fear monger, at least make them believable. Losing 15% of current company headcount would sink the Bank. It wouldn't even be realistic to offset such a reduction through the use of vendors.
So last I saw, this company has almost 200,000 employees or so. You are claiming 20,000 to 30,000 will be let go. I don't believe you.