Bank of America Death Watch: 600 Branches to Close?
The latest in the "streamlining" of Bank of America (which seems to mean selling off bits, firing high-up executives and laying off lots of working people) is that, according to a Charlotte, NC TV station, up to 600 branches of the country's largest bank will be closed.
The Street reports:
Following a significant trimming of senior executive ranks as part of his "Project New BAC" program to streamline operations and drastically cut expenses, Bank of America (BAC_) CEO Brian Moynihan has plans to split the company's banking operations into consumer and commercial units, which will include up to 600 branch closings, according to Charlotte, N.C.-based WCNC News Channel 36.
According to the article, Bank of America has 5,900 banking centers--so closing 600 would be nearly ten percent. That's a lot of jobs, and even if the company's shedding executives as well, including its former head of "global wealth management" and consumer banking, it's working people who are going to take the brunt of B of A's "cost-cutting."
In other words, we pay twice: once with bailout tax dollars, and once with a continued hit to the economy as bank tellers and branch managers are laid off.