As Obama Discusses His Job Creation Plan, Bank Of America Releases Details Of 30,000 Job Cuts

Tyler Durden's picture

The irony; 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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CrimsonAvenger's picture

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.

FreedomGuy's picture

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.

e-recep's picture

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!

CrimsonAvenger's picture

Okay, so that whole "innocent until proven guilty" thing, not such a big hit with you. Got it.

LongBallsShortBrains's picture

"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.

StychoKiller's picture

Yo, I find your avatar...disturbing. (Meatbag!)

vast-dom's picture


aerial view's picture

Please, just lay off all your workers and the world will be better off!

Falcon15's picture

Obama speech - EPIC FAIL. BoA going down in flames - burn, baby, burn. Please, sir, may I have another?

Cdad's picture bankers....FASTER!  Why put off until 2012 what the nation needs done today?

doomandbloom's picture

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.

boiltherich's picture

Maybe SocGen will bail them out eh?  Or Unicredit. 

SparkySC's picture


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.


Aloysian's picture

In March 2012, New BAC would go straight to Phase Fuckup Infinity

digalert's picture



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.

Ruffcut's picture

Testify under oath? Like that means anything. In front of their own suckasses.

Are members of congress included in the 30k layoffs??

Havana White's picture

Is this like New Coke?

slackrabbit's picture

A little bit a bad news...and a bit a badder news

LongSoupLine's picture

This is why Saturday Night Live ratings are down...the real-life skits are funnier.

machineh's picture

Relax -- these 30,000 well-trained bureaucrats will be eminently qualified to move into higher-paying government jobs.

buzzsaw99's picture

lay off peons so execs kin haz bigger bonus.

Josh Randall's picture

Attrition will continue untl morale improves

Caviar Emptor's picture

We need to hire  more people to process unemployment claims! 

See? There's a silver lining if you look for it

The Third Man's picture

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.

Who me?

Yes. Read your essay, please!

Uh, I don`t have it finished yet.

Well then, read what you have, young man!

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...

Now that`s fine, young man!

...Then I went downtown to look for a job...

Now that`s fine, young man!

...Then I got a job, keeping people from hanging out in front of the drugstore. The fourth day on my...

PulauHantu29's picture

Shovel ready jobs waiting for them.

mr1963's picture

They have to pay the government levies, fines, and regulations somehow. Straight transfer to the government...

SheepDog-One's picture

Yes, but I heard a new QE3 rumor today! All is WELL!

cabtrom's picture

Yea soooooo, unemployment insurance picks up the tab now. We the taxpayer STILL footing the bill right? Isn't this revenue neutral?

LawsofPhysics's picture

I'll take revenue neutral over the revenue-negative bailout option.

csmith's picture

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.

snowball777's picture

Logic FAIL. Dodd-Frank didn't make BAC have insufficient reserves for their legal troubles, dumbfuck.


11b40's picture

"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.

DaveyJones's picture

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

Dineroguru's picture

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.

Caviar Emptor's picture

We need more shovel ready dudes to shovel the horse manure.....that makes them entre_manuers!

machineh's picture

Entremanuers are indispensible in a merde_ocracy!

Tuco Benedicto Pacifico Juan Maria Ramirez's picture

She was only the farmer's daughter but all the horse manure.

Cdad's picture

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].

Cdad's picture

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.

Cdad's picture

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 techs called.

SheepDog-One's picture

Invest on tightrope walking across the Grand Canyon on an old frayed rope! INVEST minions, INVEST!!

the black arrow's picture

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.

lunaticfringe's picture

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.

Greater Fool's picture

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.