Thread regarding Bank of America layoffs

Simplify and Improve Initiative

BAC plans to chop costs through the ongoing Simplify and Improve initiative (which is designed to streamline work processes - sic).

The bank eliminated 2,667 positions in the second quarter. Following the cuts, the bank has 210,516 employees, that's 6,100 less than a year ago. This from the Q2 earnings report.

At Bank of America, additional job cuts are possible as it seeks to lower expenses to boost profits. The bank said Monday that its second-quarter net income fell about 18 percent to $4.2 billion, as low-interest rates squeezed profits. The results, however, beat analyst expectations.

--http://www.wbtv.com/story/32469976/bank-of-america-cuts-more-than-2600-jobs

by Anonymous
| 2805 views | | 7 replies (last ) | Reply
Post ID: @OP+IrLAv7R
Comment! It's anonymous!

7 replies (most recent on top)

Sounds like an HR comment! People aren't that stupid and can handle the complex tasks that machines can't do yet!

by Anonymous
| | Reply
Post ID: @3afl+IrLAv7R

The future will be a mix of dumb repetitive jobs (Partially done by machines) and high skills jobs. The problem is that most of us fall in the middle, we are a bit smart and a bit dumb, so really, there will be no jobs for us.

This whole talk about inequality reflects this, every day more and more people are pushed down from the compensation perspective but there is a ton of folks with advanced knowledge (engineers, pharma, law/medicine) who keep making more and more money. So really, the middle is getting hollowed out, and folks go either up or down. Not good for the overall stability, having a ton of people at the bottom can be very dangerous (French and Russian revolutions both started with this)...

by Anonymous
| | Reply
Post ID: @1hcg+IrLAv7R

What I was referring to was that the people that are doing the advanced automation at BofA ML are being replaced and those left behind can't do it as well!

by Anonymous
| | Reply
Post ID: @1uat+IrLAv7R

Automation is the future.

http://www.mckinsey.com/global-themes/employment-and-growth/automation-jobs-and-the-future-of-work

by Anonymous
| | Reply
Post ID: @1was+IrLAv7R

More bull here : https://finance.yahoo.com/news/bank-america-wealth-management-struggles-retain-small-brokers-180339149--sector.html

by Anonymous
| | Reply
Post ID: @1aai+IrLAv7R

That's right! The keyword here is "try" to do the work. If the simpletons or Indian replacements can't do it then it probably wasn't important anyway - business value was never the focus anyway. It's survival of the strongest "wannabee" managers as they claw their way up simplifying or cutting any threats that may be productively working around them making them look "bad".

by Anonymous
| | Reply
Post ID: @1dlr+IrLAv7R

Simplify and Improve is less about cutting jobs than dumbing things down to the point that the cheap simpletons left can try to do the work.

by Anonymous
| | Reply
Post ID: @dmw+IrLAv7R

Post a reply

: