Latest topics
» I see this board has been quiet
Tue Jun 07, 2016 1:24 pm by Knight1009

» Hello Ya'll. *Theirmommie*
Tue Nov 17, 2015 9:42 am by my_lucid_bubble72

» 20 % of Americans Struggle To Buy Food
Thu Jul 16, 2015 1:00 pm by pbrad009

» The Make Some One Day Challenge
Wed May 27, 2015 12:32 pm by Prof_NSA

» Clues to why they not hiring you
Sun Apr 05, 2015 5:25 pm by Sandra5yearsunemployed

» New Year Nothing Change
Tue Jan 20, 2015 5:48 pm by Prof_NSA

» UF2 Members Chat Thread: Part 3
Mon Jan 19, 2015 4:01 pm by member

» Passed?!?! H.R. 3979: Emergency Unemployment Compensation Extension Act of 2014
Fri Dec 19, 2014 4:24 pm by charliekerper

» Forbes: America's #1 Problem is Jobs, Not Debt
Sat Nov 15, 2014 10:50 pm by jmainframe

» Economy just getting worse
Mon Oct 06, 2014 12:16 pm by oncemore

» UFO 2.1 VIDEO JUKEBOX - Our Chords & Keys To Ascension
Mon Oct 06, 2014 6:33 am by 

» January Jobs Report: U.S. Economy Adds 157,000 Jobs; Unemployment Rate Up To 7.9 Percent
Fri Oct 03, 2014 11:23 am by DesperateInRI

» Hey Guys!!!!
Mon Sep 29, 2014 9:17 am by pbrad009

» Up all NIGHT WORRIED!
Thu Sep 25, 2014 11:56 pm by pbrad009

» things are going to get worst
Sun Sep 21, 2014 7:51 pm by 

Social Networks
December 2016
SunMonTueWedThuFriSat
    123
45678910
11121314151617
18192021222324
25262728293031

Calendar Calendar


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

View previous topic View next topic Go down

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

Post by Guest on Fri Aug 19, 2011 11:53 am

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.

http://www.huffingtonpost.com/2011/08/19/bank-of-america-to-ax_n_931042.html

Guest
Guest


Back to top Go down

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

Post by TR11005 on Fri Aug 19, 2011 1:04 pm

It will not be any top management that gets bonuses that gets terminated. They will still get theirs, because they increase the value of the stock. This is when you reduced your workforce you will increase profit. The more branches you close helps your bottom line.

I hope they go bankrupt, but pay back the money with interest to us. They should be foreclosed on. All top management should not receive Unemployment Insurance!

TR11005
Member

Posts : 541
Join date : 2011-02-17

Back to top Go down

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

Post by Jobless_in_Ma on Fri Aug 19, 2011 1:10 pm

Corporate greed at it's finest.

_________________
Thanks to all members for participating in the discussions.

Jobless_in_Ma
Administrator
Administrator

Posts : 2348
Join date : 2011-02-16
Age : 42
Location : Ma

http://www.unemployed-friends2.org

Back to top Go down

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

Post by exhaustedandtired/1208 on Fri Aug 19, 2011 2:00 pm

tell me the jobs are going to get better when this is the second announcement of layoff's from banks. and more others too! We are in trouble and the 120,000 postal positions to be eliminated! Where are the nw jobs coming from??

exhaustedandtired/1208
Member

Posts : 863
Join date : 2011-02-17
Age : 69

Back to top Go down

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

Post by exhaustedandtired/1208 on Fri Aug 19, 2011 2:01 pm

they just announced a forecast that the economy growth the next couple months will cut in half!


It was an unrelated subject from economist!


Last edited by exhaustedandtired/1208 on Sat Aug 20, 2011 6:22 am; edited 1 time in total

exhaustedandtired/1208
Member

Posts : 863
Join date : 2011-02-17
Age : 69

Back to top Go down

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

Post by Jobless_in_Ma on Fri Aug 19, 2011 2:09 pm

Huh?? Please elaborate 1208. Ty

_________________
Thanks to all members for participating in the discussions.

Jobless_in_Ma
Administrator
Administrator

Posts : 2348
Join date : 2011-02-16
Age : 42
Location : Ma

http://www.unemployed-friends2.org

Back to top Go down

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

Post by lendmeflight2 on Fri Aug 19, 2011 3:41 pm

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

lendmeflight2
Member

Posts : 1219
Join date : 2011-02-21

Back to top Go down

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

Post by Guest on Fri Aug 19, 2011 4:05 pm

lendmeflight2 wrote:They won't cut the right people. They will cut phone service and tellers so the board can have their bonuses.
Of course! They closed 2 huge call centers here in RI in 2009, well over 1,000 people lost their job then. A thousand may not seem like a lot, but in a state this size, it was devastating.

Guest
Guest


Back to top Go down

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

Post by TOO OLD TO HIRE IN PA on Fri Aug 19, 2011 6:24 pm

Bank of America also discriminates against the unemployed in their job ads by including the line: "RECENT EXPERIENCE". I have tweeted them on this, but they never answer. Duuuuuh! Also interesting is that many of the ads I came across were for jobs in California, where unemployment is so high.

TOO OLD TO HIRE IN PA
Member

Posts : 329
Join date : 2011-02-21
Location : Pennsylvania

Back to top Go down

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

Post by jmainframe on Sat Aug 20, 2011 4:01 am

I heard somewhere on one of the news sources I listen to that BOA had the smallest cash cushion of all the "big banks", making them the most vulnerable in an economic downturn.

I have a hunch though, that BOA won't be the last financial institution to announce big layoffs. It's 2008 all over again.

jmainframe
Member

Posts : 471
Join date : 2011-02-24
Age : 57
Location : New Jersey

Back to top Go down

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

Post by exhaustedandtired/1208 on Sat Aug 20, 2011 6:24 am

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 !

exhaustedandtired/1208
Member

Posts : 863
Join date : 2011-02-17
Age : 69

Back to top Go down

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

Post by Guest on Sat Aug 20, 2011 10:50 am

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 !
I think BoA bought out too many smaller banks when the economy started tanking several years ago. They got in way over their heads and then the mortgage crisis. I believe there are pending lawsuits against them. They are greedy corporate b@st*rds who tried to take advantage of 'Main Street's' crash. As long as people can get their money out in time, I hope they do fail. They are the best example of "Corporate Greed".

Guest
Guest


Back to top Go down

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

Post by sbraney on Sat Aug 20, 2011 7:14 pm

Bank of America's Director of Public Policy Tells Rick Perry "We'll Help You Out"

http://www.truth-out.org/caught-tape-bank-americas-director-public-policy-tells-rick-perry-well-help-you-out/1313869296

sbraney
Member

Posts : 94
Join date : 2011-02-20

Back to top Go down

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

Post by 503Depressed on Sun Aug 21, 2011 2:19 am

BoA stock has been trading most of last week at $6.97/share.....almost junk status.....heh

http://money.cnn.com/data/sectors/finance/?sector=4800&industry=4805

Check the BAC line.

503Depressed
Member

Posts : 164
Join date : 2011-02-22
Age : 52
Location : Portland, Oregon

Back to top Go down

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

Post by wausauguy on Sun Aug 21, 2011 2:41 pm

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
Member

Posts : 197
Join date : 2011-04-24

Back to top Go down

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

Post by TOO OLD TO HIRE IN PA on Sun Aug 21, 2011 3:12 pm

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.



My husband and I were one of those people who scrimped and saved to buy our place. It took us 21 years to do it. We were not rich, just middle class people who wanted to stop throwing money out the window by renting. Now we own our place outright, although it is worth waaaay less now. Funny how people think that just because you no longer have a mortgage that you are swimming in money. We worked hard to get what we have and if the unemployment situation keeps up, we could lose that too. Renting is not an option now because it would cost more to rent. What the future holds? Not looking good right now.

TOO OLD TO HIRE IN PA
Member

Posts : 329
Join date : 2011-02-21
Location : Pennsylvania

Back to top Go down

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

Post by wausauguy on Sun Aug 21, 2011 3:29 pm

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.

wausauguy
Member

Posts : 197
Join date : 2011-04-24

Back to top Go down

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

Post by TOO OLD TO HIRE IN PA on Sun Aug 21, 2011 5:03 pm

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.

We, too are living off savings. Husband has been unemployed since January of 2009. Guess there goes our retirement! As you said, expenses have been steadily going up and we cannot even reassess our condo for property tax purposes because of all the foreclosures and short sales which are not used for comparables. We pay 78% of our property taxes to the schools and we live in an adult community. No one here has kids in schools! Help has to come soon or the baby boomers are screwed. Even though we are not homeless right now, we know that could change in a heartbeat, especially if we get sick with no medical insurance.

TOO OLD TO HIRE IN PA
Member

Posts : 329
Join date : 2011-02-21
Location : Pennsylvania

Back to top Go down

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

Post by jmainframe on Mon Aug 22, 2011 11:46 pm

IMHO, As a symbolic jesture, so as not to be looked upon as greedy money-hoarders and a major reason for the economic crisis we're in, I think the CEO's of the nation's Fortune 500 corporations should all agree to work for $1/year, until they can get their workforces back to pre-depression (2007) levels, with the vast majority of the new hires (90% or more) being American workers. The same should go for the wealthier members of congress as well.

Nice pipe dream, huh?

jmainframe
Member

Posts : 471
Join date : 2011-02-24
Age : 57
Location : New Jersey

Back to top Go down

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

Post by wausauguy on Tue Aug 23, 2011 2:22 am

Actually, I think that is a resonable request.

wausauguy
Member

Posts : 197
Join date : 2011-04-24

Back to top Go down

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

Post by WilliamsonAngel on Tue Aug 23, 2011 5:48 am

I like the idea of making the nation's Fortune 500 executives make very little until they fix things. I don't think $1 dollar/yr is right, $1 dollar above the poverty line each year is better, that way they can't get at 'entitlement' programs.

As for BoA and loans. I don't think folks have anything to worry about. It's likely that another bank will either buy out BoA, or take on its loans (probably buying them on pennies on the dollar). It would be unprofitable not to.

WilliamsonAngel
Member

Posts : 73
Join date : 2011-08-17
Age : 34
Location : Austin, TX

http://www.zandrae.com

Back to top Go down

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

Post by Sponsored content Today at 2:56 pm


Sponsored content


Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum