Bank of America is replacing the Tellers with sophisticated ATM machines operated by remote Tellers from overseas. The clients are furious by long lines at the bank and only 2 tellers operating the Teller windows. They are pushing the sales teams to aggressively transition the clients to mobile and online banking. This is completely outrageous and very unethical to replace tellers who have been with the company for many years. This layoffs are not only effecting the banking centers but also the customer service phone lines it takes minimum of 35 min to get in touch with the fraud department. At the same time the management is mandating unrealistic sales goals on Personal Bankers. The company is trying to maximize profit by cutting losses and laying off it's people, the same people that Bank of America claims are it's most valuable asset.
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We too have moved all our investments from BOA and we had been with the institution for decades. I would encourage folks to go with local credit unions.
It's being done by JPMorgan Chase as well. --- they have been testing in NY City.
New world coming, and sooner than you think.. Everyone will be replaced by robots...truck drivers, food service, programmers. At some point we will have to grant each individual a guarnteed living wage as there will be no jobs for humans.
The "M" is this a trick question, what's your point?
Why I moved all my accounts from BoA. Everyone who cares needs to do the same. They will only listen if we speak with our money.
What do you think the M stands for in ATM?