Thread regarding Bank of America layoffs

Operations 101: LIFO = Last In, First Out

Cheaper. (Sorry, but true, Do the math)

About to get rid of all FHA loans, someone’s not gonna have the same job

I would love my 18 month severance. I hope that tomorrow is the day they give my 18 month severance. I would have another job within two weeksm.

@aiit+1td7nh8A - omg, so true. I'd love to see the Meme visual that AI would create of that douche.

AI… yep that about captures Aditya . All Artificial , all of the time.

AI is the dot com bubble of this generation. Even the term "artificial intellegence" is wrong, as this would imply some level of sentience.

Its nothing more than an advanced search engine, and the currently touted "best of AI" becomes really inconsistent when handling complex tasks.

There's at least another decade before the so called "AI" dips its toes into the ever changing world of banking. Think about it, even microsoft themselves admitted they can't control how people exploit the program, and they're the ones who developed it in the first place!

For anyone wondering here’s the Citibank report on 50% of banking jobs could be displaced.

https://www.forbes.com/sites/jackkelly/2024/06/20/ai-could-displace-more-than-50-of-banking-jobs-according-to-new-citigroup-report/

The guy/gal below is clearly an out of touch boomer, and unfortunately there are so many of them at this Bank.

First learn about something called AI and how it will disrupt Banking.

Citibank published a report that 50% of Bankings jobs could be displaced by AI. To think Banks won’t make major changes in future with the advances of AI is what’s crazy to me.

So it’s not impossible for the Bank to layoff 12% of the workforce as OP mentioned in the Nov/Dec layoff post.

If the person who wrote the Nov/Dec post is correct, then there is massive trouble in this institution in general, and likely another discussion of “bail out” with Congress. The bank would be exiting lines of business in general, and would shrink out of the big 4 category. Additionally, leadership change would be coming from the top of the house on downward. That post was talking about nearly 30,000 layoffs for what has been considered one of the most stable banks in the country. It would reverse all of the good that BM has done since taking the reins. The stock would dump into the single digits again as well. I’m sorry, but I just don’t see that happening for these reasons, and for other reasons that I doubt any presidential administration would allow one of the nation’s core money center banks to do, like exit being a source of liquidity for a core pillar of the US economy in general.

One person was supposedly laid off. A recent hire from the “great resignation” moment when every new job was at 125% over the usual base salary.

I'd question that LinkedIn post. If they were canned would you post that or bend the truth and claim a layoff?

Just spoke with BM and other senior leaders, apparently no layoffs this year.

OP here. I was able to find out the department was IT (broad I know, sorry).
Again, they were only there a year.

I agree 100%. If you opened it up to volunteers you might be surprised on how many jump. Especially people over 20 years. 18 months severance and unemployment sign Me up. The other item project management is very risky. Definitely a sink or swim job.

There's so many people who would want to be front of the line/top of the list for layoffs. It would be a shame, but typical, of this company to not seek out volunteers first if they were to do a large-scale layoff.

Finally!! Pls, pls, pls pick me!!!

(I feel badly for those laid off who did not wish us, but there are MANY of us who would most happily take their place to sae their seat.)

Not just that person, but team level layoffs are happening in GTO and GBAM. I think we’re up for another round of layoff, and maybe the guy who wrote about Nov-Dec 2024 layoff is right.

There’s no way to we’re going to avoid a big layoff in a high interest environment.