Thread regarding Bank of America layoffs

@hj - yea, we only got cold pizza.

(and we're still supposed to be grateful)

Internal audit also failed to find these issues. WTF. Complete and total breakdown ! God thing I am in the office with none of my teammates though

@jt and the multiple business that are also run on the sideline

@hv GTO/Risk mgmt team also consumes all available shells, leaving nothing for H5 and below.

@hj If are referring to the peanuts in shells, I only got the shells as leftovers from management. The squirrels in my backyard get better treatment than I.

Peanuts? You get peanuts? That's more than we got.

Too many times people try to escalate issues and instead they are are told to sit down and stfu and go back to work, and this is where we end up.

@d7 They need to explain how the 11b was laundered and where did it go? Failure of our own processes? Why did BM only show the 1.2b fine from Fin Cen on the chart? Where was the 700m fine from the OCC?

Did anyone else get the feeling that every manager called on to speak about a topic seemed VERY, VERY nervous?

@d6 🤣🤣🤣🤣

When you layer on the unrealized losses in the bond portfolio, now in excess of $100 billion thanks to the id--tic treasury purchase as the-then Fed chair was saying rates will rise soon, and you really have to begin to ask about the qualifications of the bank leadership in their ability to navigate this environment. Bank of America’s bond portfolio position is the worst of all banks in the country. You further add the media coverage out today about “de banking” in the Biden era, which again we are front and center on, and it gets even more ridiculous. Finally, when you take into consideration that the bank continues to buy back shares and raise dividends while halting cost of living raises and no bonuses to their employees, well, it Kind’ve makes this place look like absolute sh!t. JPM, who has none of these problems, have announced a 90% reduction in share buybacks, yet we keep on doing it.

I think dark days ahead for Bank of America if it decides to keep doing this stuff.

This institution has the distinction of being #1…..in penalty fines paid over the last 25 years. Since 2000, BAC has paid a whooping $88 BILLION in federal fines, the most ever of any bank. Now that is something to be proud of.

Fact of the matter is this - Too Big to Fail, equate to Too Big to Know. The right hand hasn’t a clue what the left hand is doing.

@d7 it won't be that easy as the Fincen CO requires them to suit TOM and staffing (including qualifications for said staffing) for core Fin Crimes work as well as Data Governance related to Fin Crimes

But having been at Citi, can confirm that such a requirement was also imposed on Citi after the second time they were fined in 2023 for tardy progress on that OCC CO that they originally received in 2020. The review of staffing requirements was quietly dropped in late 2025, and Citi were hoping that they could get out of the CO, lay another few thousands off in Data and risk management and boost Jane's salary by a few more millions from the 42 she received last year.

This Bank of America CO must be making them nervous as Citi has laid off hundreds in aml/kyc, shipped jobs to South America and India and plans to bring in AI for due dillogence routine tasks

I suspect they’ll blame WFH for the issue and use it to justify stricter RTO, while the underlying goal is to get 6,000 people to quit voluntarily.

Headcount is already down about 3,000 in 2026. At an estimated $200,000 per employee, that could mean roughly $600 million in annualized savings.

“You’ve been assigned new or updated learning in myLearning”

So I assume this means uncle Brian is getting a DNM with PIP for his year end??

@b8 Not sure about that particular rule, but regulators should hold the board and the CEO accountable - 'grab them by their G0nads' so to speak. But, probably won't happen. These CEO's didn't get their positions without being close to corridors of power and authority...that includes regulators.
To be honest, this fine business is par for the course. Banks know it, regulators know it. When the US admin of the day needs to move millions and billions in slush funds to foiregn dictators or governments, guess who does the movement of the slush funds? When the US govt needs to create a blockade so that not a single tanker ship moves on ther sea with say Middle Eastern oil....this is how the OPEC cartel was broken after all. Guess which bank has the shipping companies by their g0nads and was extensively used by the US govt's good offices to break OPEC?

But fines are cute...it instills confidence in citizens that banks are being watched over and are fined and regulated. In essence, it's just a smokescreen for public consumption and cost of doing business for banks...everyone shakes hands behind the scenes. There are unofficial lines that are usually never crossed. Unless someone is a Fallen Angel and needs to be made an example of.

@b6 I seem to recall a rule w/ the OCC or SEC that in situations where national security is put at risk, they have the option to can GM and crew.

@b6 Well, Jane got away with it at Citi, although the total fines paid were around 350M in 2020, followed by another 140 million or so in 2023. 1.2 Billion is more than twice what Citi paid

@b3 Open the below link:

https://home.treasury.gov/news/press-releases/sb0657/

As you scroll down, there are pdf links for the Fincen issued consent order (nearly 90 pages long and covers core BSA/AML and data governance related to it along with having assigned # of days those actions/steps should be....that's brutal. It's like telling a child how to behave in school) and a pdf link for OFAC's enforcement steps.

I don't see how Moynihan is going to get away with this....firing his directs or direct minus 1 is not going to cut it. Or, at least it shouldn't. We shall see. Given thatg he's a sl--eball lawyer himself, I'm sure he will figure something out. Or call whoever is his Saul

Brian directly benefited from the trillions in transactions that were documented and his salary increases, bonus and stock were given to him as a result of these illegal transactions. He needs to resign or be fired by the board, ASAP.

@a3 I say we put BM and the rest of the on a PIP, that'll teach 'em!

Normally I could care less about the internal reports of the OCC or any other government department. This time, I want the reports.. FOIA used to my advantage it I can't find the formal report.

Juicy notes start here:

- https://home.treasury.gov/news/press-releases/sb0657/
x The OCC assessed a $750 million civil money penalty for the Bank’s deficient 
   and ineffective BSA/AML (anti-money laundering) compliance program.
! We've seen the SAME video for a decade

Irresponsible growth.

I wonder if they were using copilot to monitor the transactions

Meanwhile I don’t cause any fines but I have to follow WPE and can’t work from home two days in a row including a Friday and Monday 🙄

@a3 Why wasn't this reported? Would you want to go to jail? IF and this is a BIG IF, specific people knew about this and those with deeper involvement found one would have a very short career.

The crooked shut up. Those that have a moral spine of steel may not bend but they need a lousy check like the rest of us. I know this is the largest "scandal" I've seen since I've been here. A quick memory jog and I can remember 12 at a minimum. Unfortunately, by the time this hit the news it was old new to a select group. 1.2 billion dollar FINE... normally that is a small percentage of the actual amount involved in the crime itself.

Look back at the stock price trend. When did it start to go down hill and stay there on a slow roll? Sadly SLTs have nothing to worry about. They live under different rules and laws... and REALLY high paid lawyers for a reason.

I'm guessing the earnings call tomo will start with our "place mat" as it has for 10+ years. BM et al. will ignore it and tell us the future is bright, sunny, with rainbows and unicorns.

Responsible growth…irresponsible oversight.

Way to go Brian. Can’t wait for another no raise year. A--hat

Reminder, If you hold stock in the company, vote No on all executive compensation packages and vote YES on independent oversight.

It feels good to vote with your middle finger.

When you prioritize WPE over everything else. Somebody needs to take another class.

@a3 BSA officer will be shown the door very soon - s/he has been named in the Fincen concent order and that the BSA team had people with inadequate skillset and training to do the job. Head of compliance will also likely be shown the door along with the financial crimes head..whoever that person is.

Regulators have double downed because the bank had already admitted to shortcomings in bsa/aml program in 2024's cease and desist already, but did precious little to address thoose shortcomings

Instead, Moynihaan took many millions and laughed his way to the bank. He should be the first to be shown the door - the rot always starts from the top

This fine will be the talking point for another year of embarrassingly low raises and bonuses.

I'm glad I'm no longer a manager and don't have to spout the b s corporate excuses of why merit and bonuses are terrible.

Personal pay aside, this is a massive failure for BM and the entire senior leadership team. Hopefully the board put some pressure on removing some of these weak and incompetent leaders.

Spending too much time managing where employees are working and not what they’re doing

People should be fired for this. I don’t understand how this was not reported.