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As Obama Discusses His Job Creation Plan, Bank Of America Releases Details Of 30,000 Job Cuts
The irony could.not.possibly.be.any.damn.funnier; Just as Sgt. Obama had the not so lonely unemployed club band huddled around him to tell America to "PASS THIS BILL", literally that very minute Bank of America released a statement it is sacking 30,000. Because Banana republic is so 2010, we are now officially an Onion republic.
Bank of America Issues Statement on New BAC
Business Wire
CHARLOTTE, N.C. -- September 12, 2011
Bank of America today issued the following statement following the company's presentation at the Barclays Capital 2011 Global Financial Services Conference.
Bank of America’s Project New BAC is key to the company's strategy of focusing all of its resources on serving individuals, companies, and institutional investors.
The first result of New BAC was the recently announced management reorganization, removing a layer of management and streamlining the company by aligning its businesses with the customer groups.
This reorganization follows on work that started in January 2010. The company continues to sell non-core business units and assets that don’t support its strategy, thereby strengthening the balance sheet, and improving capital and liquidity.
Phase I nearing completion
Bank of America is nearing the end of the first phase of a comprehensive review of its consumer businesses and support functions. As the company implements the thousands of decisions from Project New BAC over time, it intends to become a more focused, leaner, and more efficient company, providing all of its customers and clients with the best financial services, generating strong revenues, carefully managing expenses and risks, and delivering long-term value for shareholders.
Bank of America's goal is not a given number of job reductions, but rather implementation of New BAC decisions. As the decisions are implemented, employment levels in the areas under review during Phase I are expected to be reduced by approximately 30,000 jobs over the next few years. The company expects that attrition and the elimination of appropriate unfilled roles will be a significant part of the anticipated decrease in jobs.
Full implementation of approved ideas in Phase I is expected to lead to net expense reductions of $5 billion per year by 2014, on a baseline of $27 billion in annual expenses for the areas the company reviewed.
New BAC Phase II is scheduled to begin in October and continue through March 2012, and cover those businesses and operations that were not reviewed in Phase I.
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Pass the peas, please!
and a BIG STICK!
Time for wall st. and financial industry to feel the pain.
Keep in mind 30k is still only around 10% of total. They need to lay off 150k to truely reflect the economy.
Main st. already have gone through that.
Keep in mind 30k is still only around 10% of total. They need to lay off 150k to truely reflect the economy.
You talking about BofA or the Government...lololololol
presenting Monica Lewis (no relation)
maestro... music please...
http://www.monicalewis.com/audio/songs.html
The numbers don't lie. If banks can't make it in the current enivroment, how do you think theses other business are going to fair.
Its a real mess out there
http://www.dailyjobcuts.com
-
Bad as they look, it's clearly to be done over a few years. Which, in this case is an appearence of can kicking because they know a shit-storm of humongous proportions is coming.
All this is such macabre theater. And peopel actually listen and navigate their lives according to such inputs.
Shocking.
V
Why America Became a Powerhouse
Let's see. I get free money at least until 2013 and loan it back to the Gov't at 3% for a profit of infinity.
Yeah, that's tough investing environment
The government is a branch of BofA
All those people standing around Obama did not look like B of A people to me. They looked like SEIU people!
Terrific. More public sector jobs and B of A laying off 30k. I would not know if 30k will help BAC much or not. Bloating our public payrolls most definitely will NOT.
The federal government needs to lay off 810,000 employees (this doesn't include categories of workers either directly working for the federal government, but being paid by 'contractors,' nor workers who now have jobs but wouldn't if these size of cuts took place, so the tally would be closer to 1.2 million at the federal level lone), and state and local government needs to lay off 3,300,000 employees, in order to see the same proportion of downsizing that Main Street has seen.
This would save Americans 15% on taxes, regulatory-licensing-permit-etc. fees and other kleptocratic, wealth transfer scams.
*There are now just under 25 million unemployed Americans aged 18 to 60 (from 6.5 million in 2000), and just under 46 million SNAP (food stamp) recipients (from 17 million in 2000).
http://www.usdebtclock.org/
is there a a difference?
Firing tellers is not Wall St feeling the pain; repealing Glass-Steagall would be a start.
h_h, great observation.
I meant to say reinstating (obviously...I hope).
Knew what you meant, and it was a great comment.
funny how "pain" is now defined as necessary regulation. They really have moved us way off the goal line
How about discontinuing 'mark to fantasy' as well?
Lower of cost or market, only. Balance sheets would get real honest real fast
How about no more bailouts? Failure is the best regulation.
Firing your local branch managers is not the Ferrari class feeling the pain. I would add that 30k more people competing for jobs and drawing unemployment doesn't make any of us better off.
If I recall, the Obama medical plan comes with no new medical people but there were 16,000 new IRS agents. So, the government could soak up half those job losses. They're probably good with numbers and fraud.
"Project New BAC"
"The 3,500 sent packing this quarter will include "hundreds" of employees in investment banking and trading, with about 3%-5% of those divisions eliminated."
The first phase of the project began in May and involves an examination of the consumer side of the bank.
Those operations range from retail branches to mortgages to marketing and human resources. About 160,000 employees, or 55% of the bank’s total head count, work in consumer-related businesses.
Some belt-tightening is underway. Bank of America dumped 63 unprofitable branches in the second quarter and intends to close 750 of its roughly 5,700 branches in the next few years. The bank’s branches currently employ between 60,000 and 70,000 workers, said a person familiar with the situation.
The second phase of Project New BAC is expected to begin in October and focus on the bank’s commercial units: investment banking, trading, wealth management and corporate banking.
Look at this chart. BAC needs to go back to pre 2002 employee levels:
http://si.wsj.net/public/resources/images/MI-BK902_BOFA_NS_2011081818422...
Looks like a Banksta Middle Finger to Obama to me. Ah well, 30,000? Just a bunch of little people while Elephants dance on the grass and crush it.
Hoping it's a Top-Down process
In competence terms, BAC has been losing their top people for years now.
topless always appeals (or is that ap. peals)
I saw a headline earlier stating 40,000, so this is bullish, right?
Yeah pretty much. Those ex-employees should do well as construction workers.
Just like these guys.
http://youtu.be/Kliy32YWFcU
You mean highly qualified shovel-ready workers?
I suspect that Bachelor alone will not be enough to get those jobs.
Remember that the USPS is trying to axe 220,000 folks. 120,000 firings and another 100,000 by natural attrition. THat oughta make them friday unemployment numbers real bullish!
yes, very bullish, better than expected.
Yes, but LAST week, this figure was 40k. And the DJIA resumeth rallying...
I think DJIA would rally even in case 30,000 were in addition to 40,000 last week, still bullish since speed of firing decreased and is approaching bottom, even if together with total labour force.
Yeah, ZER O DAMUSs timing is PRICELESSSS!
YEA and its all magically pre-paid for!
That's what he said! All paid for!
I am worried watching Obama's "Stimulous Package Porn Show" unfold. I feel so dirty, so tin hat saying it, but here goes:
I believe that this whole thing is a drama designed in such a way that the dems and reps act out a "fight" in front of the world, then come to a resolution. Obama looks like a "decisive leader," congress looks like they can coordinate something, there is a "plan" in place, and, brace for it, WE GET OUR DOWNGRADE TRANFORMED INTO AN UPGRADE (we would, after all, show the world how together we are compared to others, right?). Dollar stronger, improvement documented (gotta give the new program time to work, right?), hope, change, TREASURIES SELL (oh so safe a haven, bitches), the debt ceiling has permission to come up again, and we kick our can down the road for a while longer. Plus he tries to fix some of the housing mess by doing re-fis where possible. Bankers love him because their worthless trash becomes worth more with the new document signing.
I just keep seeing how the press is trying to make him seem like a strong, competent, historical (barf, choke) kind of figure. Then RE-ELECTION bitches.
No offense but I hope you're 100% wrong...and if he goes down in history, I hope it's as the president that made Carter look good.
I don't want to be right. I put that out there to be argued against. The sell that he is "strong" is intense right now. Could be they are just trying to get him to look better for re-election, and no more. If it does not pass he says "See I tried." But that looks weak. I see something more monstrous here.
Marry me, MsCreant <3
He already made George Bush look like a kind wise and benevolent national leader. Carter is a stretch, I think.
It is gross to watch as much to listen. The last thing any of these con men want is a stronger dollar. Once the rest of the world joins in the cheaper currency war, everyones bread will rise while their dough deflates.
I thought about that too. But a stonger dollar for a short while would take down PMs in US $, get folks off our back about the reserve currency status, and make us look like we were "turning around" when eveyone else is going in the toilet. Not that it would be real.
Please tell me I am wrong, but I am getting pissed and creeped out the more I see.
You're right MsCreant. Those who think it's a lock that Obama will be a one termer are in for a shock in 2012.
I'm one of those who hope he's a one termer, but your odds of being right are indeed a lot higher than a lot of folks can or will admit.
seems to me they've backed themselves into a corner. Poor planning will do that. Can't pay an unpayable debt without weakening your currency. Can't keep gold down while you do the other. Most empires think they can do anything which is the very thing that ends them.
we'll be just like Rome in the end, totally corrupt with a few good places to eat. No Vatican art but a regular draw to the Rock and Roll Hall of Fame.
So, you should write for the X-Files! (Nah, no one could possibly believe such a convoluted plot!) :>D
Fuck the paper-pushing fucknuts, they made a deal with the devil, time for your souls motherfuckers. A step in the right direction as far as I am concerned.
Unnecessarily harsh. I agree that the system has to blow up and that there's some serious evil behind the scenes, but the people about to get the axe aren't the masterminds - they're poor dumb saps like you and me, trying to get the best pay they can in this world. They're just in the wrong place at the wrong time.
Lighten up and have some compassion.
I agree. In an economy everything is connected to everything whether its proximal or distal. A couple local branches close and the sandwich shop and garage go belly up, too. These things have ripples.
I wouldn't mind the management class who made the stupid decisions being unemployed, but they got their cash and they always escape or are at least insulated.
Do you really believe that they wouldn't do the same if they were in the shoes of the top devils? Guillotine for all bankers and financiers! Now!
Okay, so that whole "innocent until proven guilty" thing, not such a big hit with you. Got it.
"Fuck the paper-pushing fucknuts, they made a deal with the devil, time for your souls motherfuckers. A step in the right direction as far as I am concerned."
I don't think they have souls.
I like your idea but I wouldn't fuck those paper-pushing fucknuts, even with Robottrader's tool.
A small step in the right direction... I agree.
Yo, I find your avatar...disturbing. (Meatbag!)
I am UPGRADING UnN and FURTHER DOWNGRADING TEH PREZ.
Please, just lay off all your workers and the world will be better off!
Obama speech - EPIC FAIL. BoA going down in flames - burn, baby, burn. Please, sir, may I have another?
Faster....faster...fire bankers....FASTER! Why put off until 2012 what the nation needs done today?
in the hope that people will forget and forgive by then...
look at the new UK regulations ( to ringfence Investment banking)..which needs to be done by 2019!!! what a joke.
~
Maybe SocGen will bail them out eh? Or Unicredit.
LOLLLLLLLL CUT THEM ALL.
Gotta go through pain first so there may be a chance of healing in the future.
O'Bummer is fixing the unemployment issue one job cut and plant closing at a time.
In March 2012, New BAC would go straight to Phase Fuckup Infinity
*FLASH*
CONgress and Holder now call for BAC officials to testify under oath, why they demean the TOTUS and Barama too, during his victory lap, world saving jobs plan. Buffet said to attend hearings.
Testify under oath? Like that means anything. In front of their own suckasses.
Are members of congress included in the 30k layoffs??
Is this like New Coke?
A little bit a bad news...and a bit a badder news
This is why Saturday Night Live ratings are down...the real-life skits are funnier.
Nice avatar, Soup.
Impossible to out-skit reality today.
Relax -- these 30,000 well-trained bureaucrats will be eminently qualified to move into higher-paying government jobs.
Only?
lay off peons so execs kin haz bigger bonus.
Attrition will continue untl morale improves
We need to hire more people to process unemployment claims!
See? There's a silver lining if you look for it
from the hilarious Cheech & Chong album, Sister Mary Elephant:
....Now class, Sister Rosetta has informed me that your assignment for the last two months has been to write an essay in titled How I Spent My Summer Vacation. Who would like to read theirs before the class?
Class? Class!? Cla-- SHUT UP!!!!! Thank you.
Young man in the first row, stand up, state your name, and read your essay.
STUDENT:
Who me?
TEACHER:
Yes. Read your essay, please!
STUDENT:
Uh, I don`t have it finished yet.
TEACHER:
Well then, read what you have, young man!
STUDENT:
Okay. The first day on my vacation, what I did on my summer vacation, the first day on my vacation, I woke up. Then, I went downtown to look for job. Then I hung out in front of the drugstore. The second day on my summer vacation, I woke up, then I went downtown to look for a job. Then I hung out in front of the drugstore. The third day on my summer vacation, I woke up...
TEACHER:
Now that`s fine, young man!
STUDENT :
...Then I went downtown to look for a job...
TEACHER:
Now that`s fine, young man!
STUDENT :
...Then I got a job, keeping people from hanging out in front of the drugstore. The fourth day on my...
Shovel ready jobs waiting for them.
Sweet irony.
They have to pay the government levies, fines, and regulations somehow. Straight transfer to the government...
Yes, but I heard a new QE3 rumor today! All is WELL!
More anti-perestroika.
Yea soooooo, unemployment insurance picks up the tab now. We the taxpayer STILL footing the bill right? Isn't this revenue neutral?
I'll take revenue neutral over the revenue-negative bailout option.
Everyone is asking for "specific" examples of employers refusing to hire (or laying people off) as a result of the regulations promulgated from DC. BAC's announcement today is exhibit "A". Dodd-Frank is crushing the fee income line for major retail banks and this is one result.
Logic FAIL. Dodd-Frank didn't make BAC have insufficient reserves for their legal troubles, dumbfuck.
"Dodd-Frank is crushing the fee income line for major retail banks"
Which, I might add, should not even be a part of regular banking.
Bring back Glass-Stegall.
there was a period of time, a short one, where you would hear some of the losers on this hill talk this talk. Like our ethics and our budget, it has all but disappeared
Quick-- Get Moynihan a good seat at the next Obama job conference. Put him up there next to the other cronies in the Cabal like Buffet, Imelt, Dimon etc.
We need more shovel ready dudes to shovel the horse manure.....that makes them entre_manuers!
Entremanuers are indispensible in a merde_ocracy!
She was only the farmer's daughter but all the horse manure.
News Flash.....BlowHorn [CNBC]...11:30 est...Europe go home crowd:
"We're off our lows." No shit?
Sorry....I have yet to have my US govt. issued frontal labotomy...and so cannot buy the fucking.....ramp [BTFR].
Europe Goes Home trade last exactly 7 minutes before sell aglos resume. Nice. There goes yet another criminal syndicate Wall Street investing myth. The half life on that one is about...what...a month?
Please fire 60,000 BAC empolyees Mr. Moynihan...today.
NEWS FLASH....Peter Costa....NYSE floor:
"We're just floating on air." Meaning...invest in Floating on Air? WTF? I'm not familiar with the FOA trade. Anyone?
NEWS FLASH...Peter Costa....NYSE floor...speaking in tongues on air...med techs called.
Invest on tightrope walking across the Grand Canyon on an old frayed rope! INVEST minions, INVEST!!
I was a bac customer years ago.Seemed to me, at least where i live , there wernt americans working there. Fewer banks and bankers can only be a good thing.
This is all pro-active. I am positive that BAC is an acquistion target. I don't know what makes me happier- Warren screwing the pooch or the US taxpayer getting stuck with this zombie mess. Make Goldman take it. Fuckers.
Ha. Goldman would rather have an outbreak of chronic explosive diarrhea than (a) a commercial bank's operations, (b) a commercial bank's balance sheet, or (c) what remains of ML.
There is a reason Citi never really "sold itself," except to Treasury. Nobody who's big enough to do it wants anything to do with that mess. Except maybe China, but it'll be a cold day in hell before Congress lets that happen.
Unless Moynihan and a host of other execs were among them, what will this really solve?
Here's hoping those relieved of employment can spill some nasty dirt on the Bank of Lynching America Countrywide.
They'll start with firing all the janitors...oh wait, they outsourced those tasks, my bad.
Who needs jobs when the Chairsatan can hint of QE and goose the markets...
calling it "Project New BAC" is an insult to wookies
Project for a New American Misery
Jeez, we need a way to simulcast.
Here's the visual for Bank of America:
http://farm4.static.flickr.com/3207/3046357607_e792a5dfc7_z.jpg
Bullish!
http://www.sierraplasticsurgery.net/Procedures_ScrotalLiftandScrotalReduction_423295.aspx
(usually due to a one time comment from their partner) ... who could resist a set-up line like that!?
Not me! What'd she say?: "Geeze hon, do you have to throw those over your shoulder to keep from stepping on them?"
Girls can be so cruel.
This is what I heard:
"Geeze hon, throw those over your shoulder, I get distracted when they slap against my head."
"Just let them hang out your shirt collar and people will think you're wearing an ascot!"
How about: "When you said you came with a lot of 'baggage' I thought you were talking about your divorce"
Ha! I can't stop!
"Honey, why so testy?"
It's all too late. Also bubble have to self correct, and stimulus only makes it worse sometime. Here is a full market analysis that summarizes the markets http://bit.ly/puFxHR
BAC = FAIL
Here's the "PASS THIS BILL" montage of Obama's speech:
Pass this bill
Wall Street and DC exist in Second Life (secondlife.com) only. We are somehow in this matrix where the rules are different.
OK, I get it.
Those 30,000 laid off bank employees are going to pay the saleries of Democratic Illinois State and Chicago employees.
POTUS-"I have a plan, to create jobs and get the economy back on track"
Average joe- "and that would be?"
POTUS- "450 billion dollars"
Average joe-"?"
POTUS- "and the best part is...it's already paid for"
Average joe- " but the fed is already running a 1.3 trillion dollar deficit"
POTUS- "450 billion dollars and there will be jobs, good jobs for every American who wants one..."
Average joe- "but..."
POTUS- "450 billion dollars and there will be peas in every pot, solar panels on every roof..."
Average joe- " but the solar plant went bankrupt, the USPS is about to do the same, BoA is laying of 30,000 workers and NFP printed at zero..."
POTUS- "450 billion dollars...is what we need to act now, Americans can't afford to wait...
Average Joe- " but Mr. POTUS where is the money going to come from?"
POTUS- "450 billion dollars...and it's already paid for, it's the right thing to do, right now"
Average joe's head,out of irritation and frustration, simply explodes...
POTUS- " you see my plan to reduce unemployment is working already..."
Suddenly, while staring down a 12 footer for bogey, it hit me. We have a fucking jobs crisis!! An emergency. Why didn't someone tell me about this sooner?? http://thecivillibertarian.blogspot.com/2011/09/obamas-jobs-dream-you-go...
That means the jobs bill is not working. See, Im smart.. not like everyone says , Like dumb.. im smart and i want respect
Obie should offer Moynihan an office next to Immelt's, Jobs & Taxes.
Tyler,
are you awared Job is nothing to do with company earning??
Maybe we could outsource the brownish douchesack, his cabinet and about 99% of Congress...
And you want me to sell my miners and gold. I don't think so.
whendid he say tha?
http://www.entendance.com/forums/viewtopic.php?f=16&t=255&p=19236#p19236
This is a "assistance in getting me elected bill" majority of these newly printined Bennies are going to keep teachers and the unions on life support and nothing else. Want to know what these shovel ready jobs are consisting off? Here is what I witnessed last year. Many of the metal barriers along the platforms of the LIRR which are made of aluminum and only about 7 years old were completely replaced at each station. They were pulled down and new ones installed. There was absolutely nothing wrong with the existing rails aside from them being a little dull.
They then replaced the perfectly good traction pads with brand new traction pads. These are the frivolous projects that make government so inept and nothing but a laundering service for insiders getting their hands on tax payers money. The MTA was given 1.1 billion dollars and I can assure you the majority of it was to keep those bloated pension checks coming. In the meantime they jacked priced on monthly tickets from 212 to 238 in one year.
A perspective from afar (New Zealand) : Obama came in under difficult conditions and 'looked (and sounded) the goods' to right a listing ship. But he has been a TERRIBLE president. The phrase :"New boss, just like the old one" springs to mind.
He looked like he could fight gravity? The blueprint for change, as general as it was, appeared to be an answer?
The simple fact is that the country elected a used car salesman... and a piss poor one at that (needing a teleprompter and all to give puffery). The country was so desperate for change, it forgot to actually look at the resume and conduct an interview... not that there was any candidate that would successfully fight gravity (we're seldom given a viable choice), but there may have been some that could suck less at the task assigned.
In front of America's face is the jobs carrot, and it will never be eaten because there are no jobs. They have been shipped over seas so the corporations, the very same ones that have their heads in the White House, can benefit from slave labor. The American system is once again funded from slave labor, yet has it ever not been?
As all eyes are on Obama and his magic Jobs Program the other side of the world burns in a blistering Hell. NATO troops are destroying the culture and society of Africa. The destabolization is making the earth softer so that the Military Industrial Complex can stick itself in easier when it needs the commodities to continue ruling the world.
The pawns have the peons destracted: America goes about its little way. So where are the knowing? Where are the hippies that pride themselves in standing up for equal rights? What about the gays, are they so selfish that they can stand up for themselves but not for the Third World? Same for the Pro Lifers? And Pro Choice- where is the choice for the beheaded civilians? What about the Republicans that do not want to pay taxes? American taxes are killing innocent civillians as we speak!
Click to read:
Former Congressman: ‘I Saw NATO Troops Behead Libyans’Makes perfect sense really Lay off 30,000 people now, and collect 4,000 dollars per each rehire later.
Net profit 120,000,000 for next years bonuses. Not bad If you think about it.
I think that's called "churning"
OBUMMER, short 20 /es at 1141. never knew the market not to tank when the teleprompter in chief was involved
The irony could.not.possibly.be.any.damn.funnier; Just as Sgt. Obama had the not so lonely unemployed club band huddled around him to tell America to "PASS THIS BILL", literally that very minute Bank of America released a statement it is sacking 30,000. Because Banana republic is so 2010, we are now officially an Onion republic.
One of your best intro's TD
@marcusfenix :LOL!!!!!!
thanx- here in the good ol' USA inc. you really only have three choices (unless you are one of the many who have irrevocably swallowed the blue pill) laugh, cry or go insane.
my day usually consists of some combination of the three...
BHO and his crew will simply create a new Federal Department of Federal Departments. This will "create" 30,000 new government jobs to replace the lost ones. The "FDOFD", I like the way that sounds.
See... there, FIXED!
Before too long may become Feral Department of Feral Deportments
Record Bonuses and Platinum parachutes. They've stolen all they can, time to retire in the plush well stock underground bunkers.
Haha. Not to worry. The executive secretaries, the back-office support teams, the accounting people, the branch managers, the lenders, etc., all of them, soon to formelrly be of BAC will have plenty of opportunities shoveling god-knows-what, digging ditches, weahterizing hurricane-stricken homes, etc.
Because President Obama says he will. When does anyone in this administration come to the realization that this is not 1933 America, where nearly 40% of the economy still worked on farms and have no trouble ditching their families to go to an Roosvelt-approved NRA camp somewhere to plant trees for a monthly government stipend?
We must be pretty dumb, because the President is polling at around 40-45%, which means that almsot half of the voting population are complete idiots.
It was the CCC or Civilian Conservation Corps, and it was city kids, I know, my father was one. He was at a logging camp in Washington State. They got some hair cut / shoe shine money and the rest was mandated to be sent home to help support the family. He joined the Navy from there.
As bad as things are in Charlotte, I have run through 10+ new hires here in the last 3 months who can take about a week or so of hard physical labor (clean out crawl spaces, demo, etc.) and just don't show up. Doubt the BAC axed minions would be any different, if not worse.
Of course, the WAFFLE HOUSE is always hiring.
Has gold margin hike been announced yet? Get it over withu f'ers and HIKE it already
30,000 making the same $$ for 2 years on Govt. sponsered unemployment and medical benefits. Win, win for the American taxpayer...
McD's is hiring 50k so that is a net of 20k jobs. Well done Obama.
Change you can believe in....
The Birth Death Model will solve everything; unemployment rate to 6% by next summer. All the unemployed in the FEMA camps will miraculously disappear. Soylant Green franchizes become more ubiquitous than Starbucks.
Perhaps somone could answer this question for me....
Can CDS be taken against parts of the bank?
it really is a Mushroom Republic....
kept in the dark and fed on Bullshit
how does Warren Buffhead, the financial weapon of demented misconstruction
look to you now ?