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Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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jmainframe
TOO OLD TO HIRE IN PA
lendmeflight2
exhaustedandtired/1208
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TR11005
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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.
http://www.huffingtonpost.com/2011/08/19/bank-of-america-to-ax_n_931042.html
Guest- Guest
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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!
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
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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 : 77
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
they just announced a forecast that the economy growth the next couple months will cut in half!
It was an unrelated subject from economist!
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
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Age : 77
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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.lendmeflight2 wrote:They won't cut the right people. They will cut phone service and tellers so the board can have their bonuses.
Guest- Guest
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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.
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
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Age : 65
Location : New Jersey
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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 : 77
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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".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 !
Guest- Guest
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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
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
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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.
http://money.cnn.com/data/sectors/finance/?sector=4800&industry=4805
Check the BAC line.
503Depressed- Member
- Posts : 164
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Age : 59
Location : Portland, Oregon
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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.
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
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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.
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
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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
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Location : Pennsylvania
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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?
Nice pipe dream, huh?
jmainframe- Member
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Location : New Jersey
Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
Actually, I think that is a resonable request.
wausauguy- Member
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Re: Bank Of America To Ax 10,000 Or More Jobs, Say Reports
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.
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.
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