Report: Bank of America to close 600 branches
http://www.heraldonline.com/2011/09/08/3350576/report-bank-of-ameri...
Details of Bank of America's restructuring and layoff plans are starting to emerge.
The banking giant is splitting itself into two units, one to handle consumer banking and another to handle commercial financial needs. According to CNN, that means as many as 600 branches will be shut down across the country.
Industry analysts say Chief Executive Brian Moynihan's moves signal that broader and deeper layoffs than those previously announced by the bank could be imminent.
In what the bank called Tuesday a "de-layering", Moynihan put two senior executives -- David Darnell and Tom Montag -- into the roles of co-chief operating officers.
Two of 13 senior executives -- Joe Price, the head of the banks consumer and small business banking division and Sallie Krawcheck, the head of wealth management -- were said to depart immediately.
It's been rumored for several weeks that Bank of America could announce headcount reductions of 30,000, or 10.5 percent, of its 285,000 employees.
Bank of America's shares are down 44 percent in 2011.
The bank has not publicly released which branches will be targeted by the cutbacks.
Comment
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Comment by Nota Khan on September 9, 2011 at 10:30pm
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30,000 jobs...hmmm...assuming they average $50,000 in salary, it comes come $1.5 Billion per annum. Now who made nearly that much from BofA in a SINGLE DAY?
Buffett’s Bank of America Stake Reaps $1.3 Billion Paper Profit on ...
:)
P.S. So much for b.s. like this:
Warren Buffett's Bank Of America Investment Shows Faith In Governme...
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Comment by Nikki on September 9, 2011 at 8:58pm
"Destroying the New World Order"
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