Saw this on the PNC page...
"This morning's Q2 calls were telling. BoA touted reducing their workforce by 89K and PNC opened by thanking all their employees.
Looking forward to hearing our call on 7/17."
By 89k what employees??? explain how that would even be able to happen when we've always had about 200k-ish
I hear Simi building is closing, people moving to the old Farmers Insurance building in Westlake Village. That indicates a reduction, and/or a lot of WFH.
@ab everyone is southern california that isn't tied to business banking, financial centers, or wealth management is going to be laid off -- happening Q4 2025.
BAC has slowly reduced staff count by roughly 80,000-ish since 2010 when it was in a lot of other lines of business and had acquired several others that were a disaster.
aw shucks, I already quit. Shoulda held out for my d@mn package.
(Not.)
Stop the senseless rumor-mongering. Come back when you have real data for those still enduring the daily grind.
To be fair Simi and Westlake still have some overpaid Countrywide employees who have managed to skate by for 15 years.
Reduced by 89K since when?
@jc it was there the day I posted the question on our page. I wonder if the post got taken down. I was confused because BOA letting go of 89k people would be absolutely crazy.
What PNC page? Not on this website, I checked, this is not there. I’m guessing another troll?
Yes, BAC at its peak in 2010 was around 288k employees. It now runs around 200k ideally. But in 2010 BAC was a major financier of home builders. BAC was acquiring other institutions in mass. It had just ingested ML. It was as bloated with duplication like never before. It was also being bailed out with TARP, which also included restrictions on mass layoffs to help the economy. It took them nearly a decade to get it down to 204k, peaked again in the “great resignation” of 2022 at 217k, and ended 2024 at 213k.
To sit here and say there are crazy mass layoffs coming, is just stupid fear mongering. I’m sure there will be some further adjustments. They have made no secret to want to get it back to the 2018 level of 200k-ish. It all depends on economic demand on the system, as BAC is one of the core money center institutions in the country if not the world.
BAC also shrunk during the last 15 years in terms of business entities. No longer is there a home builder division. What is there is really just unsecured lending to a few majors, that’s it. BAC is not a licensed lender on behalf of Fannie or Freddie, the only institution in the top-10 list not to be. The client selectivity process means roughly 70% of the clients in each major metro area is not banked by BAC. The bank intentionally moved itself to be the bank for the top 1% crowd. The day will come when that won’t pan out well. You never put all of your eggs into one basket. Further, do you think thay 1% is going to trust their business to an AI machine? The flavor of the month techno toy? How many of them have come and gone over the last 25 years? End of the day, people do business with PEOPLE!!
Oh please there will be layoffs guaranteed. Have you not been listening to their talk on AI right after mentioning the past reductions in work force? And when they spoke about cutting costs to 60? How do they achieve that? Their logic is wrong but they don’t care as they see the immediate cost reduction for share holder gain. There will be layoffs before the next quarter. Middle and lower managers are on the chopping block along with certain locations and divisions (west lake office for example where they are combining simi and west lake in open office format. They all can’t fit there long term especially once they stop wfh by October). Only an id--t with their head in the clouds can’t see layoffs are coming now.
@OP Brian talked about reductions over last 15 years. He said no reference to planned / future reductions.