Aa
30,000 more jobs lost as 600 banks close
http://www.reuters.com/video/2011/09/07/bove-bank-of-america-to-cut-30000-jobs-c?videoId=221305397
Yeah, B of A was in the original bail out. Here's something that a friend told me about the world banking industry that I found interesting. Validity, I don't know but seems pretty solid.
The banks in Europe are in straights because of all of the lending they did in regards to buying into all of the soon to be failed mortgages in this country.
The banks in Europe are in straights because of all of the lending they did in regards to buying into all of the soon to be failed mortgages in this country.
Bank of America was in the original bailout. At least $25 billion.
http://www.huffingtonpost.com/2009/01/14/bank-of-america-to-get-bi_n_158034.html
http://www.huffingtonpost.com/2009/01/14/bank-of-america-to-get-bi_n_158034.html
I'm surprised that BofA hasn't asked for tax-payer (sorry, government) support yet.
Wouldn't surprise me in the least if we had to "bail them out", and be burdened further. Then again, what a few billion added to 15 trillion?
It's all relative.
Wouldn't surprise me in the least if we had to "bail them out", and be burdened further. Then again, what a few billion added to 15 trillion?
It's all relative.
Thank you for that info!
"Labor Day in an Age of Austerity
By: David Dayen Monday September 5, 2011 8:22 am
Here are a couple of happy Labor Day messages courtesy of McClatchy. First, from the nation’s largest commercial bank, desperately trying to get small enough to fail:
As they work to complete the first phase of a major efficiency program, Bank of America Corp. executives are discussing plans that could slash the companywide workforce by as many as 25,000 to 30,000 jobs, sources familiar with the matter said.
The job losses could come over several years, the sources said. The Charlotte-based bank hasn’t said how many jobs will be eliminated in the efficiency campaign, although some reports had previously said the number could reach 10,000. Executives are still working on final plans.
Broader cuts would be similar to London-based HSBC’s plan to eliminate 30,000 jobs, or about 10 percent of its workforce. At the end of June, Bank of America employed about 288,000 workers, with about 15,000 in its headquarters city. A 30,000 reduction would equate to just over 10 percent of the employee base...."
http://news.firedoglake.com/2011/09/05/labor-day-in-an-age-of-austerity/
By: David Dayen Monday September 5, 2011 8:22 am
Here are a couple of happy Labor Day messages courtesy of McClatchy. First, from the nation’s largest commercial bank, desperately trying to get small enough to fail:
As they work to complete the first phase of a major efficiency program, Bank of America Corp. executives are discussing plans that could slash the companywide workforce by as many as 25,000 to 30,000 jobs, sources familiar with the matter said.
The job losses could come over several years, the sources said. The Charlotte-based bank hasn’t said how many jobs will be eliminated in the efficiency campaign, although some reports had previously said the number could reach 10,000. Executives are still working on final plans.
Broader cuts would be similar to London-based HSBC’s plan to eliminate 30,000 jobs, or about 10 percent of its workforce. At the end of June, Bank of America employed about 288,000 workers, with about 15,000 in its headquarters city. A 30,000 reduction would equate to just over 10 percent of the employee base...."
http://news.firedoglake.com/2011/09/05/labor-day-in-an-age-of-austerity/
My video wouldnt work either....but I kept seeing this as breaking news..I hoped someone else would have had info...
I can't watch the video... so I'm sorry if this question was covered.
Is this a PROPOSED cut, a PLANNED cut, or is a CONFIRMED cut?
Is this a PROPOSED cut, a PLANNED cut, or is a CONFIRMED cut?
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