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Bank of America (BAC) will cut 3.5K jobs in the current quarter as part of a larger...

Bank of America (BAC) will cut 3.5K jobs in the current quarter as part of a larger restructuring that may see at least 10K positions - 3.5% of the firm's workforce - eliminated. The plan, known as "Project New BAC," is a step toward CEO Moynihan's goal of reducing annual expenses by $6B.
Comments (4)
  • EMS
    , contributor
    Comments (571) | Send Message
     
    Bank of America will one day soon be back at 35. By way of a C'group-like stock splat. Enjoy.
    18 Aug 2011, 11:05 PM Reply Like
  • Josh ODonnell
    , contributor
    Comments (229) | Send Message
     
    BAC is never going back to 35 as long as the european soverign debt issues aren't fixed..as long as this debt is still a threat to confidence we won't see the company grow...especially if housing doesn't come back...and with existing home sales down 3.5% i doubt that will happen anytime soon...if ever.
    19 Aug 2011, 12:43 AM Reply Like
  • PVizzle
    , contributor
    Comments (741) | Send Message
     
    *Insert comment hating on BAC here*

     

    Have you guys ever heard Moynihan speak? He comes across as a fool. He and Leo have destroyed more capital this year than any of us will ever make.
    19 Aug 2011, 12:48 AM Reply Like
  • jw4golf
    , contributor
    Comments (340) | Send Message
     
    now you know why so many alpha writers have been hyping bac/c/et al...trying to get out.
    19 Aug 2011, 12:58 AM Reply Like
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