Why yes. Bank of America is really the most perfect representation of America. In that they're eliminating about 30,000 jobs. Oh well.
NEW YORK (AP) - Bank of America is slashing 30,000 jobs as part of an effort to reverse a crisis of confidence among investors. It's the largest single job reduction by a U.S. company this year.I wont bother highlighting anything because really, what more is there to say or focus on other than bank of America eliminating 30,000 jobs and that's in the first sentence.
What CEO Brian Moynihan is trying to do is nothing less than save the nation's largest bank. Investors have cut the bank's market value by half this year. The bank is facing huge liabilities over soured mortgage investments and concerns over whether it has enough capital to withstand more financial shocks.
The cuts, which affect Bank of America's consumer businesses, represent 10 percent of the Charlotte, North Carolina, bank's work force. The bank said it hopes the cuts and other measures will result in $5 billion in annual savings by 2014. The bank has already cut 6,000 jobs this year. The bank also said it would look for cost savings at its other businesses in a six-month review that will begin next month.
"It's as if someone has hit the panic button," said Bert Ely, president of banking consultant Ely & Co.
Moynihan has been taking other steps to shore up the bank's standing. Last week he shook up the bank's top management ranks and has been selling parts of the company to raise cash. Last month Warren Buffett's Berkshire Hathaway Inc. invested $5 billion in the company.
Bank of America is seen as one of the most bloated banks in the industry. The payroll cuts will bring its work force in line with some of its key rivals. JPMorgan Chase & Co. had 250,000 workers at the end of the second quarter.
"Financial companies have already been cutting for a few months now. He's a little late to the game already," said Walter Todd, a portfolio manager at Greenwood Capital, which owns Bank of America preferred shares.
The cuts are the largest by a U.S. employer this year, according to the outplacement consulting firm Challenger, Gray & Christmas Inc. Merck & Co. said this year it would cut 13,000 jobs. Bank of America's cuts are the largest since the Postal Service announced 30,000 job cuts last year. General Motors Co. cut 47,000 jobs in 2009.
Did you see that? DID YOU SEE THAT?! It's only fitting that Star Wars on DVD came out cause this is just like those ewoks taking down that evil empire. Though much like that, this is an unbearably minor victory against capitalism.
No wait. That's not true. This is in fact a pretty clear victory for capitalism when a corporation cuts a bunch of employees off in order to maintain profits. Oh well, sucks for those 30,000 people who are now entering the ever growing world of unemployment. You can just consider this another blood sacrifice to the daemons of capital. They must be appeased after all.
We'll all have to make some sacrifices to keep the machine running
It's also worth noting that the headquarters of Bank of America, which if you forgot will eliminate 30,000 jobs, is the host for the 2012 "the other capitalist party" national convention.
Maybe that $450 billion would be better spent saving jobs at BOA, Obama. Perhaps you should get on that as you can get an easy 60,000 jobs out of this. What's even sadder is that liberal hero Warren Buffet told BOA to fire tens of thousands of people after he jumped in with them and put his seal of approval name on this piece of shit business.
If I were you, I would keep my eyes out for later in the year when the inevitable story of their board and upper upper management ends up giving themselves a massive amount of millions in bonuses. But hey, they deserve it because they are in fact single handedly holding up the economy right now. It's as if you combined Superman and Batman and they decided to rob you blind.
They are closing and consolidating branch locations, so like when you have a subway with another subway about 0.2 miles away they are going to just shut and merge into one. Sadly a lot of the people losing their jobs make only $30k a year with full benefits (which they have to spend years working up to), or tellers who are part time for the most part making $12 an hour with no benefits.
Even as worse as their jobs were, they were the middle class. and of course are being thrown under the bus. So as a socialist, I have to admit that I really don't care about the suffering of people. I mainly care whether or not the right people are suffering. Those poor tellers getting shit-canned because of this are probably not the people I want suffering.