REPORT: Bank Of America To Cut 40,000 Jobs

How many will be lost before Geithner's TARP 2.0.  And will Kashkari be brought back for off-camera fluffing?

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(Reuters) - Bank of America Corp officials have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, the Wall Street Journal said, citing people familiar with the plans.  The number of job cuts are not final and could change. The restructuring aims to reduce the bank's workforce of 280,000 over a period of years, the Journal said.

The Journal said BofA executives met Thursday at Charlotte, North Carolina, where the bank is headquartered, and will gather again Friday to make final decisions on the reductions, putting the finishing touches on five months of work.

Investors are pressing BofA to improve its performance after it lost money in four of the last six quarters and its stock has fallen by half this year.

The Journal said the proposed job cuts may exceed BofA's last big cutback in 2008 when it called for 30,000 to 35,000 job cuts over three years. That move was triggered by an economic slowdown and the planned takeover of securities firm Merrill Lynch & Co.

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Comments

[DailyBail]

Officials confirm 'credible but unconfirmed' 9/11 threat

http://edition.cnn.com/2011/US/09/08/terrorism.threat/index.html?hpt=hp_t1

[S. Gompers]

Wow, after successfully completing their various frauds, forced taxpayer bailout, fee raises, and bonus building, you would think they would be flush with cash...

[Cheyenne]

"Goldman Sachs, the fifth-biggest U.S. bank by assets, has lost $50 billion in market value since 1999 while the company has paid out billions in compensation to the firm’s 31,000 employees"

http://www.bloomberg.com/news/2011-09-07/goldman-sachs-pay-plan-hurts-shareholders-lawyer-contends.html

$50 billion in lost market value since 1999? Hell, you only have to go back to 2008 for Goldman bonuses hit that mark. Is Looting as a Business Plan required course work for an MBA students?

[S. Gompers]

"Is Looting as a Business Plan required course work for an MBA students? "

Yes, it is a required component of Corporate Windigo Psychosis.

[Josie]

GSuchs was, is and will always be a private partnership, which just so happens to operate (at least for now) under the guise of a public company. And these days, executive plundering of companies employing them is THE only business model in play. Stock up, pay them HUGE $$; stock goes down, even way down, pay them HUGE $$; they get fired, pay them HUGE $$; they retire, pay them HUGE $$...Shareholders are shite. Kinda makes you want to invest in equities, don't it???

[Josie]

And CNBC paraded Thain on yesterday and let Maria fellate him on air. It was sweet. She should have asked about the commode.

And whatever happened to the NYAG investigation of ML on Thain's watch?

[DailyBail]

Thanks for that heads up on John Thain, Josie.

Will you send me an email Josie, there's something I want to talk to you about privately. You can reach me thru the contact button at the top of the site.