Merge and purge is a part of job
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"Unrealized losses on securities totaled $683.9 billion in third quarter, up $125.5 billion (22.5 percent) from the prior quarter"
Let’s be a little more clear here with this statistic. It’s not Bank of America only, it’s the entire FDIC banking system of over 4,500 banks as a whole. Yes BoA is included in this painfully historic figure, but not exclusively. Just wanted to make that a bit more clear to folks reading this…
@3bsx+1pVKBGMg
Why are you so bent on trying to convince everyone here that there were 0 cuts.
When there actually have been cuts.
Please understand that you are exposing yourself- only a few people care about that narrative ...
Are you in PR, HR or a part of the disconnected upper hierarchy?
I know for a fact that severance has been paid out.
How can you account for over 200k employees and their status?
More importantly, how can you account for every employee who left and their situation???
Spinning a false narrative has to be exhausting
Take a nap
@3bsx+1pVKBGMg
You are correct...
I know of some people that have been given severance as well.
"So, we're not going to fire you. But, what we are going to do is steal all your clients, shut down your job site, reduce your annual pay, sever your annual bonus, micro-manage your sales activities, record and audit all your phone calls, radically change your sales quotas, subtly pressure and harass you, offer you a dead-end job as a telemarketer, give you a younger less competent manager with zero experience, reward and promote team members that cheat and falsify their numbers, and basically demoralize you at every turn. But hey, NO layoffs! Be happy you still have a job, because you're replaceable! Good luck!"
Responding to Post ID: @3bsx+1pVKBGMg
You are incorrect - I personally know a minimum of 10 people and multiple other people on those teams that have 100% been quietly laid off this year with a severance. The bank is just better at keeping it under the radar but do not be fooled by “we won’t lay anyone off” because they have been
There were no cuts 0. The bank went from 217,000 to 212,000. They didn't layoff anybody plus they hired 2500 college kids. So that's 7500 people no layoff, no unemployment and no severance pay. People are leaving on there own granted probably not as fast as BOA wants but they are leaving. Plus alot of older people are retiring. So people leave and they don't refill position.
Where were there cuts? They were on TV saying they wouldn't layoff anyone in 2023. It'll be a different story come Jan 2024.
Talent acquisition
I’m worried too… but be time to exit the financial services sector. I see a major and deep recession next year.
When FEDs decides it is time cut rates this problem will go away.
"Unrealized losses on securities totaled $683.9 billion in third quarter, up $125.5 billion (22.5 percent) from the prior quarter"
https://www.fdic.gov/analysis/quarterly-banking-profile/qbp/2023sep/qbp.pdf#page=1
It's over.
Always expect the unexpected.
I can't help but worry.