Friday, September 21, 2012

Bank Of America Cutting Jobs, Of Course

Bank Of America is cutting in LA Times today. Of course they are....I'm pretty sure the other from the Big 5 will cut back as well. And, the medium 4....and many other banks too.

16k jobs, 200 branches and shrinking of the mortgage operation. Ultimately cutting back 30k jobs to save some 5 billion.

I get that, downgrading of junior investment bankers, consumer banking employees, and the ones overseeing new mortgages. The peeps in the Global Wealth and Investment Management sector will remain untouched.

But, let's face it, a lot of jobs were added due to the housing crisis....and a lot of jobs will get cut as the number of employees needed reduces.

Interesting that Bank of America left the wholesale lending business a while ago and kept their loans in B of A. With their cutting back of new mortgage employees, I wonder if they will get back into the wholesale market again. I hope so because I wasn't too happy with the last B of A mortgage rep one of my clients tried to work with!

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