Thread regarding Bank of America layoffs

Pick me! Pick me!

Is there a link where we can sign up?

Chri$t, at this point, I'd pay to be on such a list.

(now there's a revenue stream they can cash in on!)

Transcript of exactly what was said

We ended the first quarter with a little more than 217,000 people at the company, that was 260 people more than year-end. During the quarter, we welcomed 3,000 additional people into the company in January, that's due to outstanding offers that we extended in the fourth quarter. That meant that our headcount peaked in January. That's a little more than 218,000. And, at the end of last week, we were down to 216,000. We continue to expect that to move lower over time and we expect, by the end of the second quarter, our full-time equivalent headcount will be roughly 213,000, excluding our summer interns.

As we look forward to the next quarter then, we would expect Q2 expense to benefit from the reduction of the seasonal elevation of payroll tax in Q1, and we would also expect to see expense reductions coming from headcount reductions through attrition over time and our operational excellence work. So, we expect expense in Q2 to be around $400 million or $500 million lower than Q1, so think of that as around $15.8 billion, plus or minus, in Q2. And then further, we just expect continued sequential expense declines in the third quarter and then again in the fourth quarter as we benefit from continued headcount discipline and attrition through time.

Why would you need to lose 3000 people a month? It’s net down 1000 a month in April, May and June. Easy

How do you lose 3k people in a month due to attrition? If 1k were cut in early April…does anyone think 3k people will just leave of their own accord in May?

This is incorrect. What he said on the earnings call is that we will get to 213000 people through attrition.

+1 too. I hope to get good severance pay and take new job.

It's not fake news, 4,000 cuts reportedly coming by June. Here's a second source.

https://www.businesslive.co.za/bd/companies/financial-services/2023-04-18-bank-of-america-beats-profit-estimates-but-plans-to-cut-4000-jobs/

Fake news