Bank of America Death Watch: 30,000 Layoffs Coming
The bad news just keeps on coming, no matter how Bank of America spokespeople try to spin it.
The latest, in a statement given after the company's presentation at the Barclays Capital 2011 Global Financial Services Conference (in other words: to investors, with money, as opposed to borrowers underwater on their mortgage or everyday people worried about jobs), is that 30,000 job cuts are coming, and soon.
It's all part of "Project New BAC" (BAC is the stock market symbol for Bank of America), which they promise "is key to the company's strategy of focusing all of its resources on serving individuals, companies, and institutional investors."
Bank of America's goal is not a given number of job reductions, but rather implementation of New BAC decisions. As the decisions are implemented, employment levels in the areas under review during Phase I are expected to be reduced by approximately 30,000 jobs over the next few years. The company expects that attrition and the elimination of appropriate unfilled roles will be a significant part of the anticipated decrease in jobs.
That's PR-speak for "We're going to eliminate 30,000 jobs, but it's OK! Really! We're going to get rid of some of them by just not hiring new people when employees leave, and it won't hurt the economy too much! Really! Also we planned it!"
If you think about it, this is exactly what corporations all over the country have been doing for quite a while. Lay off workers to increase short-term profits, kick the real economy (the one that involves people who work at jobs buying and selling things) when it's down.
Because to Bank of America and so many other institutions like it, there are only a few people that matter: "investors." The people whose "investment" in Bank of America is several years of dedicated hard work? Pssh.