Thread regarding Bank of America layoffs

OP got it right, maybe 12-18% of specific LOBs which is probably what they were really planning.

I heard about 800 people let go in NJ, Charlotte, and Plano

There was a round in Nov, small as to not make much news, and there is another small one planned for Jan/Feb 2025. Small, to avoid the required state federal reporting requirements..

@2trzc+1t6y8qq1 - am told packages for long-tenured employees wold be "too expensive".

I'm in the 50+ cohort and starting a Class Action for NOT getting any layoff...

Pretty sure from this board, there are many like-minded colleagues out there.

Anybody over the age of 50 in the cohort? I wonder if we can claim age discrimination if enough of us get together

Operational Excellence in action!!

Am sure the 500+ just laid off were each making millions of $$$, so these layoffs really moved the needle on overall Expense Reduction.

Said no one. Ever.

Multiple teams were let go on 11/14; I heard roughly 500 people in total were affected. The majority of the team had been here for 5-6 years, and others for 20-25 years. They were offered severance and the option to apply for new roles within the bank for a month to keep their seniority.

Not sure if any more planned

I got laid off this week. Out of no where and no warning , my manager had his impromptu 1:1 and delivered the news.

I don’t have any performance issues been awarded diamond, gold other awards for my efforts and commitments. Of course these doesn’t really count when push comes to shove and pretty brutal way of picking who to layoff.

“Call listening” laid off. Severance pay with competitive package. No heads up just “don’t log in next day”. Several teams in dep including leaders, laid off. What happened to “there won’t be any layoffs” ? Interesting.

Heard for 1 layoff at Charlotte global tech

I got layoff yesterday in plano texas

Several layoffs in Richmond VA yesterday

Yes there were several layoffs in Global Technology today. I would say it was nowhere near even a 5% RIF.

My husband just got let go from boa

I'm convinced that the OP is but one person that reworks the same post over and over. The OP has too much time and too much kool-aid.

We have some consulting group interviewing "SMEs" in our group to "OpEx" our department.

We have been thru this same exercise 2-3x previously.

All they do is ask a bunch of uninformed questions about what we do. (last time, I sweat they had an intern asking me the stupidest questions.) They then ask us to track our activities in one-hour increments for a week or 2 and report that.

Then, the "consultng" firm sells our management on a new model that messes up our reporting lines and ADDs More Process. (yea, we need more process!!)

Last time, they spent $3 million (true number) with the consulting firm to get a really f---ed up model. It's been a complete disaster. So now we hire a firm to re-do it all. Again.

It's literally the Opposite of Op Ex.

Oh - and no one got laid off. They just moved our workload around in ways that makes it even harder and did musical chairs for who we report to.

Waste of time and $$$ for no result. Management is fooling themselves. Again.

“as the moment the Fed begins to lower the rate…”

You really shouldn’t assume. If you “know” the Fed is going to lower the rate, then you could make a lot of money trading.

Clearly, you don’t trade, or you would see the Eurodollar futures into Sept of 2025 say the rates will be at the current level until then.

Assumptions make an a-s of u and me

This is just fear mongering. I agree with the others who said this has been falsely predicted many times already. Shame on whoever put this on here. That being said, I do know of open positions being filled for those who have left that I would not of thought would be filled again (not really needed) in LOB’s that are not in a good spot right now. I would also believe that several in the 60-65 age bracket would be looking at early retirement packages (likely to their delight), and those who are gaming the system on RTO. But to suggest tens of thousands being laid off, is simply ridiculous and just mean to say. Just internet trolling garbage.

This makes 0% sense. You only layoff that many people if you’re exiting a line of business in general and you're in a deep dive. 15 years ago, we were exactly that - exiting the home building business and diluting the stock to raise enough capital to stay in business. If rumor hits the street that Bank of America is shrinking and exiting a line of business, the shareholders who have been screaming to return to pre-2008 levels will revolt and BM and the BOD are toast. Gone. Out. Add on top of this fact, the Bank’s focus since then has narrowed dramatically in both who we do business with, and where we do it. If the thought is focused on commercial real estate, then you can forget that too, as the moment the Fed begins to lower the rate, the flood gates are going to open for tens of BILLIONS of loans that are waiting for exactly that to happen.

This also makes no sense in terms of regulations since the GFC. A core aspect of the regulation tidal wave since then is to ensure the financial sector for the too bigs too fail, don’t fail their employees by having the capacity and capability to weather a moderate storm without needing to add thousands to the unemployment system. 10% is over 20,000 people. That kind of move will (a) tank the stock and, (b) have regulators crawling all over this place.

I agree with the last comment. The day of BOA and large mass layoffs is pretty much over. It costs BOA a cr-p load in Severance and unemployment plus it sets a negative tone amongst the employees. Yes the bank is looking to consolidate lines of business and PNL 's. But with the large amounts of people retiring the bank has been able to move people around. I do agree the bank will shrink and automate in certain areas but I highly doubt this will mean large layoffs.

If they were going to do layoffs they would have done them already. They wouldn't do them when the economy starts puttering back after the Fed does rate cuts this year unless those running the bank want to purposely deep six it (which means their jobs and futures would be on the line as well). They really have not hired to replace workers for the past few years with their tight hiring so rather than layoffs they would just move around people. Like someone else said, people have been posting these rumors since last year, every quarter, on here. While it could have maybe been convincing six months ago, it would be lunacy for them to do them now when the economy will be growing again soon (and their competitors are growing like JP Morgan and up-starts like First Citizens are flexing their muscles in their markets). They need to get ready to HIRE people again soon not let people go.

What's that? Ah-layoffs? Don't talk about layoffs? You kidding me? Layoffs? I just hope CEO BM and his cronies can find a muthafocka to layoff from this shlithole bank!!!!

Wouldn’t surprise me … over the last year they have had multiple teams completely “work excellence” logs documenting everything they do for a 6 week period. My team was one and we were told “it was to eliminate duplicate work streams” and “identify where people have capacity”

My hand is already up!

Name of consulting firm: The Bobs. LOL. I need to queue up Office Space. Any layoffs we have are going to be surgical in nature. Otherwise there would be thousands of people raising their hands saying “Pick ME!!!”.

I saw a post layoffs coming in the first quarter, then another post of layoffs coming in the second/third quarter. Guess what, another post of a rumor saying layoffs are coming by end of fourth quarter.. still waiting

If true then maybe BOFA is about to topple. 3rd party consulting for staffing is a scam, and usually the main driver internally gets a kickback. This never ends well, and puts a permanent stain on the overall image, why try hard when some 3rd party ends up calling the shots?

Citi Bank stating AI could wipe out 54% of all banking jobs in the near future. They are saying finance/banking will be one of the biggest sectors hit. onehttps://www.bloomberg.com/news/articles/2024-06-19/citi-sees-ai-displacing-more-finance-jobs-than-any-other-sector?srnd=financials&embedded-checkout=true

Something big is going on. Too many meetings about career path, being uncomfortable doing something new, different Fscape articles about how to update your career, market yourself, etc. the bank is very slow to pull the trigger on anything. So yes, everyone be aware and be ready.

I would say your layoff figure is way high. How many 20+ year employees do you think BOA wants to pay 18 months of severance at 100k a year plus collect unemployment. I can promise you that is not there mindset in 2024. Maybe 10 years ago it would have been.

By the way I know a bunch of 60 plus year olds that sign up in a second for this.

Have not heard or seen any of this and I am on meetings for upcoming changes and mergers of groups. I am thinking for 2024 you can relax. Nobody can predict the future but for now enjoy 2024.

New cost saving tools = H1B?

What’s the name of the consulting firm?