Bank Of America To Ax 10,000 Or More Jobs, Say Reports

Bank of America Corp. is cutting 3,500 employees this quarter and working on restructuring plans that will ax several thousand more jobs, The Wall Street Journal and The New York Times reported citing people familiar with the situation.

The reports Friday said that the job cuts at the biggest U.S. bank by assets might exceed 10,000 or about 3.5 percent of its current work force.

lendmeflight2 wrote:They won't cut the right people. They will cut phone service and tellers so the board can have their bonuses.

exhaustedandtired/1208 wrote:maybe they anticipate a bad future in the economy are are taking steps. then will others follow! their will be NO more stimulus for banks! If its that bad again then its a depression in our future !

wausauguy wrote:I am wondering what happens to the people who have mortgages with Bank of America if they do in fact just go under. Will refinancing with another bank be required. Many people would be hurt, many who may be current their mortgages, but if they had to refinance would not qualify due to loss of income etc, so they would have to come up with full payment of their balance. It seems to me there has been too much catering to middle/upper class. We need to look at the real working class, households with incomes less than $40k a year who scrimped and saved to put down sizable down payments. Who bought houses under $100K.

I reealize I ranted a bit,... but I just think the real workers have been screwed so deeply, and we cant live more meagerly. My mortgage is less than renting, of course the issue of property tax throws a problem but still, I am tired of people telling me well you can rent if you lose the house... renting really would be only marginally less expensive.

wausauguy wrote:Yes, that is exactly what I am getting at. Those who have scrimped, payed off the house, or have relatively small mortgage payments still risk losing their homes over property taxes and other bills. My electric/gas bill if averaged is about half my mortgage payment. Property taxes, utilties have gone way up.

I have not had full-time work with benefits since the end of March 2009. I have been living off of savings that was for the roof which I knew woudl have to to be redone in a few years when I bought over 10 years ago, now the roof is a few years past where it should be. But, I am holding off.

As I type this I feel such pain in my heart on how things do not need to be like this. The greedy have taken and are taking even more. I am sure I have said it before, but the very company I worked for, the leader took 40million in pay when he had laid off 3,000 across the country that same year. I just don't get why the press seems so silent about these greedy mean spirited people that lead companies. I realize the economic downturn appears to be worldwide, but I still think these greedy choices keep the downturn turning downward. Why not pass laws, no bonuses if anyone was let go in the last 18 months etc, and if bonuses are paid they have a penalty which can create a jobs program to directly help the long-term unemployed.