Bank of America to Fire 3,000 Employees
In the wake of massive losses, Bank of America has announced that they will be ‘laying off’ roughly 3,000 employees. While carefully downplaying the layoffs as little more than coincidental removal of under performing employees, it seems clear that these firings are a result of housing incurred losses.
With one of the largest lenders of 1st and 2nd mortgage loans slicing staff, there seems to be a clear trend towards an banking breakdown in America. Yahoo has further details:
The cuts will affect less than 2 percent of the company’s staff. Most of them will be from Bank of America’s Global Corporate and Investment Banking unit, the company said.
The Charlotte-based bank also said Wednesday that it is launching a strategic review of its investment banking business.
Gene Taylor, head of Global Corporate and Investment Banking, will retire at the end of this year and be replaced by Brian Moynihan, who ran the company’s Global Wealth and Investment Management business.
Taylor, who had a 38-year career with the bank, will help Moynihan with the transition. Moynihan will be replaced by Keith Banks, who runs the Columbia Management mutual funds arm, which is part of Bank of America’s asset management organization. As of Wednesday night, no successor for Banks had been named.
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