At B of A, “Restructuring” Means “Slashing 280,000 Jobs”
10:13 am, September 9th | by Amy Tennery
Bank of America has announced some key points in its new
ahhh we’re so totally screwed “restructuring plan” and they’re, well, a tad drastic.
That’s not to imply that drastic measures aren’t needed — the bank saw its shares hit a 52-week low last month, as its CEO suffered from a “credibility problem” (go figure?) with shareholders. And B of A just made major changes to its executive lineup this week, so the pressure is certainly being felt across the board.
Well, maybe not this much pressure. Apparently the bank is looking to slash as many as 280,000 jobs over the next few years, according to reports this morning, with an immediate, 40,000-person job cut planned in the first stage of the layoffs. And we’re going to guess that’s going to hit every level of the company.
This, apparently, if the initial step in what CEO Brian Moynihan’s is calling B of A’s “restructuring.” He’s planning to elaborate on this on Monday, although I’m not entirely sure anything he has to say will be all that comforting.