Has anyone gotten a sense for where the 3000 layoffs will strike hardest? Particular teams, levels, geography, etc.?
14 replies (most recent on top)
Baby boomers are retiring lots of talent leaving.
Attrition will be the largest part of the 3000. Also employees not making the cut will be managed out. I have personally seen this happen first hand. Plus more and more people are retiring.
Focus on your work which affects your job in the bank or next.
One way to find out which companies are laying off is to search for the WARN Act report for your state. Type WARN Act plus your state’s name into Google and it’ll take you to a report. Companies are required to report upcoming layoffs and store closures so if Bank of America is really laying off people, it should be on the report. https://www.commerce.nc.gov/data-tools-reports/labor-market-data-tools/workforce-warn-reports/report-workforce-warn-listings-2023/open
They should cut a lot of those worthless middle management mofos. These lightweights do nothing but hold bullshlit conference calls and send out stupid azzz emails all day.
Articles are 2 months old. How those layoffs going? Fake news is YOUR friend 😉
Lol. Now it’s 6000?? Sorry to disappoint you, but no mass layoffs are coming. Headcount is being managed through attrition.
@xpo+1miGrE9q - google search is your friend.
Corp & Investment Banking:
https://www.reuters.com/business/finance/bank-america-cut-jobs-its-investment-bank-bloomberg-news-2023-02-16/
https://www.bloomberg.com/news/articles/2023-02-16/bofa-plans-job-cuts-in-investment-bank-as-wall-street-retrenches
Wealth Mngt Lending: https://www.financialadvisoriq.com/c/3997454/511764/bofa_transition_wealth_mgmt_lending_staff
Misc:
https://www.ft.com/content/e5c392ba-7357-42c0-9a6b-6720769be32e
https://fortune.com/2023/02/16/bank-of-america-planning-layoffs-investment-bank-jobs/
https://markets.businessinsider.com/news/stocks/bank-of-america-plans-4-000-job-cuts-despite-strong-results-12364609
Could you name what article? Include the link if you can...
Post from TheLayoff.com
articles read corp and inv banking.
Sources say 6000 by june. Nothing in our org yet. We are closing the open recs to offset ours
@nbv+1miGrE9q What do you mean by “recently shifted into their “temporary” roles”?
There are no 3000 layoffs. Just posting nonsense?
Gut instinct tells me a lot of middle management that was recently shifted into their “temporary” roles will be let go first. Probably the easiest way to trim some of the fat without souring more employees