from
msnbc.com news services
updated 9/9/2011 2:36:54 PM ET 2011-09-09
"Bank of America is considering cutting at least 10 percent of its work force as part of a massive restructuring, according to published reports.
The Wall Street Journal said that officials at the Charlotte, N.C., bank have discussed cutting 40,000 employees, or 14 percent of the bank’s 288,000 total staff. Bloomberg put the job cuts at about 10 percent. They each cited people that were not identified by name. . ."
The bank recently sold $5 billion of preferred stock to Warren Buffett's Berkshire Hathaway and also agreed to sell half its stake in a Chinese bank. Bank of America is also trying to sell a large portion of its mortgage business, the newspaper said.
The Journal said that most of the job cuts are expected to be made on its consumer side. It got rid of 63 unprofitable branches between April and June and said it plans to close 750 of its nearly 6,000 locations in the next several years. . . "
. . . I'm sure republicans will eventually (if not already) regale their gullible constituency with tales of how the president caused the earthquake and brought on a hurricane in the same week before having the nerve to make it rain for 5 days straight in the eastern part of the country. [And I'm sure they won't mention the paychecks, perks, stock options and bonuses the B of A execs will take when this is over.]
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