Bank of America to Cut 12,500 Jobs

[jayfish]

http://story.news.yahoo.com/news?tmpl=story&ncid=716&e=14&u=/nm/20040405/bs_nm/financial_bankamerica_dc


NEW YORK (Reuters) - Bank of America Corp. on Monday said it plans to cut 12,500 jobs as a result of its $48 billion purchase of FleetBoston Financial Corp.


Small story so thats all you get...sorry. I wish I was as free as corporations in this country.

Jay

GRAMMER EDIT

[Tempest]

1. This was actually first reported on March 10th

http://stlouis.bizjournals.com/stlouis/stories/2004/03/08/daily43.html

[jayfish]

3. That Was Just An Estimate...

and it looks like they found another 1000 families to break.

Jay

[fertilizeonarbusto]

2. hmm

Well, make that 295,500 new jobs created (and subject to further downward revision)

[Ilsa]

4. Banking deregulation

Tens of thousands of jobs lost over mergers, icluding mine from years ago. Does it save the banking consumer money? I don't see where or how.

Bastards.

[fertilizeonarbusto]

7. Amen, my friend

It has yet to save ME a DIME. But, as we all know, this mess will be fixed by letting Wall Street and the banks run Social Security. *turning off sarcasm as blood chills*

[liberalhistorian]

10. It sure doesn't, in fact,

I've noticed bank fees going up like a balloon. That's why I do most of my money business with a credit union, FUCK THE BANKS!

And why, if you're merging and adding another company, would you then CUT jobs????????????????????????????????????????????????????

[Ilsa]

17. They are notorious for

cutting duplicate jobs, like accounting positions between the two companies. The employees have to start competing with each other, playing political games and jockeying for the remainders. SOmetimes they shut down regional offices and consolidate the work in a large city banking center. The old competitive feelings sometimes hold over for years ("Were you with X co or Y Co before the merger?") and are used in political promotions, etc.

A friend of mine was the last of his dept to get eliminated. His job was to analyze variances in both income statements and balance sheets. It wasn't uncommon for him to analyze and discover six and seven figure accounting errors that appear as variances. They told him someone in NYC would be doing his job, but it turns out they simply eliminated it. No one analyzes variances there any more. Sort of makes one wonder about the quality of the numbers, huh.

[KamaAina]

5. Look at that Bush* job machine go!

Go, jobs, go! Go away from the People's Republic of Massachusetts, for Pete's sake! That's what you get for electing commie-libs like John Kerry! </sarcasm>

Note: With this merger, Mass. and New England now have NO major locally-owned bank.

[PROGRESSIVE1]

6. "Recovery"!!!!!!!!!!!!!!!

.......eh...nevermind!

[mr_hat]

8. Among them, 11,552 vice presidents...

[damnraddem]

9. What's the total of jobs cut since ...

it was announced that 308k new jobs were created last month? I just wondered how many recent losers of good jobs would be trying for one of those 300k fry-cook positions.

[leesa]

11. Good thing those Rush fans got the economy fixed!

[dogonarug]

12. next...paperless atm's

to save even more money and pad profits, maybe they could use the new generation of diebold atm's...no paper trail!

[stanwyck]

13. I hope my friend is not in this group

and I have great sympathy for those who are. My friend has weathered all the mergers and moves and new bosses and team switches with much grace. But working today is like waiting for the next terrorist attack. You know your time is coming. And being a stellar employee is no deterrant. I wish these people well. Our way of life is quickly disappearing.

[tom_paine]

14. But...but...Imperial Pravda said we were RECOVERING

My bad for believe ANY Pravda, Bolshevik or Bushevik.

Same thing.

[MSgt213]

15. Lets see they bought FleetBoston for 48 billion now they are saving 1.6

billion cutting jobs. Wow! How much would you have saved if you hadn't bought the fucking company? Idiots.

[bikebloke]

16. But who will get the axe?

I used to work for Bank of Corruptia to survive. An awful lot of people were collecting free paychecks because they were related to someone or drank and did drugs with the nepots. Meanwhile, we lowly have-nots pulled their slack. I wouldn't be suprised if the working folk were hit hardest. The royal relatives will probably get pay raises and extra benefits.