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.
Posted on December 12, 2008, in Bank Stocks, Financial Markets, Global, Meltdown, US and tagged BAC, Business, Campus placements, Economy, Finance, GS, JPM, Layoffs, MER, Obamanomics, Recruiting, Second Life. Bookmark the permalink. Leave a comment.