Bank of America to cut 35000 jobs over 3 years

BOA - Huge Job Cuts

The present dismal state of our economy and the recent merger with Merrill Lynch has coerced Bank of America (NYSE: BAC) into a decision of trimming down up to 35,000 jobs over a period of 3 years to stay in shape. America lost over half a million jobs in November alone and this announcement from BOA shows that things might get worse before we see any real improvements. More so since BOA is still considered to be one of the healthy banks in a poorly faring banking industry.

Some other big banks which received loans from the recent bailout are planning to slash jobs as well in the coming year (2009):
  1. Citigroup Inc. expects to shrink its workforce by 20 percent or 75,000 people.
  2. JPMorgan Chase & Co. is going to axe 7,000 employees, or 10 percent, of its investment bank staff. Also, they will cut 9,200 jobs at Washington Mutual Inc., the bank it acquired in September 2008.
  3. Goldman Sachs Group Inc. and Morgan Stanley have plans to reduce their staffs by about 10 percent.
Looks like a lot of us (Americans) might have to think about changing careers or starting our own businesses with value based products to ride out this recession.

Related Posts