BAC announces a high note for good byes


The reductions are designed to eliminate redundancies created as a result of the merger with Merrill Lynch MER, and to reflect the current recessionary environment,” the bank said in a statement. The weak economy “is affecting the level of business activity,” it added.

Still, the bank said it continues to do business actively with all of its clients and has attracted deposits and new customers. It also stressed that its still actively offering loans through all of its credit product lines.

Bank of Americas reductions represent one of the largest rounds of layoffs in the history of the financial-services industry. Citigroup Inc. C, said last month that it plans to cut about 50,000 staff.

Challenger Gray said last week that the financial sector cut 91,356 jobs in November, the second-worst month for industry layoffs since September 2001.

via Bank of America to cut up to 35,000 jobs over three years – MarketWatch .

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About zyakaira

Investment Banker, 40s, Bangalore This Biopic and this web recreates how one point of view, one person can impact a tremendous economic engine that the world thrives and mis-thrives on. This one has the knowledge and the civil sense , the art of conversation and some good writing to mentor others as powerful and help global managers develop and fine tune their approach on US markets, China, India and the world. Read on here, and let me know what you need. It can be a race for TRPs, a race for new markets and a race to do what is right. I have the pulse of the crisis, the recovery and the market direction and can help you build and refine your strategy as i have helped thousands of managers and multiple global corporations. Of course, it’s more fun if you talk to me. I am in favor of leading this moving of the economic crisis and will partner with you in a soft and subtle way, just the way we both ride to the top. But you can write with us, opine and just reply with aplomb and shine on Twitter , 4 square , Facebook and any other social “choupal” of choice via zyaadakairaada Profile & Portfolio - SocialPicks Different flavours at: http://benchilibowl.wordpress.com http://zyaada.mp

Posted on December 12, 2008, in Bank Stocks, Financial Markets, Global, Meltdown, US and tagged , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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