Bank of America investment bankers are already looking for jobs elsewhere lately, according to Bloomberg. That's wise. The firm is in the toilet or rather undergoing a big re-structuring process that involves up to 40,000 layoffs in the next few years. Many of them are aimed at Bank of America's investment banking unit. Some of those started this week, on September 8th.
More will probably follow. The second stage of Project New BAC, which involves cost-cutting measures, a company re-org, and plans to make Bank of America smaller, among other things, begins next month. That stage "addresses corporate and investment banking units managed by Montag," according to Reuters. To us that means a number of things that we don't yet know, but almost definitely more layoffs.
Even before confirmation of the upcoming layoffs, which came in early September for BofA employees, BofA investment bankers had reason to worry.
The question on everyone's mind was, Can BofA survive its mortgage liabilities? But instead of an answer, headlines declared that Bank of America should declare bankruptcy, that JPMorgan was buying BofA, and other rumors, demonstrating both the need for and lack of a clear message coming out of BofA.
How long could employees take it? The value of their stock options cut in half, many aren't.
Don't stop now...Find out more at http://www.businessinsider.com/bank-of-america-bankers-started-looking-for-new-jobs-2011
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