Thread regarding Bank of America layoffs

Project New BAC has NOTHING to do with what is happening now.

Project New BAC was a "40% across the board, enterprise-wide budget and people expense-reduction" program that was completed (and celebrated -- grossly, I might add) nearly a DECADE ago.

Dis ain't nuttin' like dat!!

By comparison, and my heart goes out to those impacted (but you got the d@mn package I've been trying to get - lucky you) sounds like what has been happening since Nov is small potatoes -- a slight haircut, a trim, n-p and tuck in some areas.

Although does sound like GTO got hit hard this week. But y'all, that group is so bloated and the processes so arcane -- no fault of those people at all -- we all saw it coming.

Aditya has built a fiefdom, like what was it... 50,000... 60,000 people?

They needed all those people b/c the processes MANAGEMENT put in place are absurd.

Unfortunately for those this week, yet again MANAGEMENT takes the easy way out by cutting good people who maybe speak up and don't go along with the status quo all the time (the nerve!!), rather than take a hard look in the mirror and doing that harder work to improve their processes, because MANAGEMENT are a bunch of losers who can't find their way out of a d@mn paper bag, even when it's open.

So, once again, the minions take the hit and the Top Brass continue to get paid.

Where is the f-ing Accountability at the Top? Seriously, where the F is it. At least one, if not all those j@ck@sses should be made to fall on their swords.

I blame their inadequacy and incompetence. Starting with their Jabba the Hut clone leader.

It's true look it up

There is layoffs happening this whole week, but not sure of the actual number. I dont believe its that high.

OP, regrets posting this already?

Old news. Been there, done that. Already completed..... like a bizillion years ago in the neolithic age.

Ignore the loser OP for not doing a basic internet search.

This is so 2010.

Snore.

Troll…

https://www.nasdaq.com/articles/bank-america-speeds-cuts-project-new-bac-2012-09-26#

So, folks, I just heard this, can you believe it? At 7:30 PM, very Eastern time, Bank of America—big bank, huge bank—is talking about reducing its workforce to 2003-2004 levels. Total disaster, folks, really d-mb idea. No way they're pulling this off without a massive hit to their revenue and stock price—believe me! They’re gonna cut 40,000 jobs, the biggest layoff in history, even worse than the Great Financial Crisis, which was a total mess. Listen, OP, maybe put down the video game and focus on something more important, okay? Just saying!

The biggest cut in bank history was 25,000 in 2013. The biggest percentage cut was 11% in 1992. You’re talking 15,000 more than the peak, and nearly 20%. This would likely destroy the bank, as the markets would immediately react that something had gone terribly wrong with Bank of America and would dump all shares as fast as possible. The C Suite and BOD would be in front of Congress almost immediately, in addition to being investigated for fraudulent activities and booted from the bank, if not banned from the sector in general.

You know this is a lie just by the name. If it was really boa, they would give it a phrase like “responsible corporate dieting” or something….

Project New BAC was precursor to OpEx in the early 2010’s. Nothing to see here - OP is full of cr@p.

Shrinking workforce? Higher dividend payouts? Outdated technology?

Sounds like a competitor got inside.

Really. So you “just heard” this, at 7:30pm on the east coast, that Bank of America plans to reduce its head count size back to 2003-2004 levels. That is simply stupid, and no way even remotely possible without destroying the revenue stream and tank the stock price. Bank of America, second largest bank in the country by asset size, is going to cut 40,000 jobs, the biggest cut ever in its history, including the GFC that nearly wiped it off the face of the earth. OP, put down the bo-g and go back to playing your video game…

Stop trolling in the name of Flagscape

Can you share where you heard or read that? 40,000 is a lot when we have roughly what 213,000 and have always maintained about 200,000