Bank of America - hoping 0
Layoffs happen every time BAC makes record profit. It's more exciting than eating a live puppy, right Brian?
With expenses still running hot (for years and years now), Brian & Co have a serious allergy to layoffs of any real scale.
They are too cheap to pay the packages when they can just make people so miserable they leave on their own.
Just a n-p and tuck here and there, under the radar of any WARN notice.
Brian's actual job performance is so thin, they can't afford the bad PR of any massive layoff.
All shiny, shiny, happy, happy at BofA!
Oh wait, our stock price just hit the High we had in 2006!! Way to go Brian & Co, we're back to where we were 20 years ago.
@zp there are under the radar targeted cuts that are either removing redundant roles or those who have not complied with RTO.
I don’t think they do major, they targeted weakest (more expensive) link across the board.
Green Grass in Albany
they just walked out a whole row of people in Charlotte!!! Sh**'s gettin' real people!
@rb+1k8kb1wa7 @k5+1k8p9kpz6 Hey m*r stop your ranting
@fq Hey id--t, WFC has gone from 272K down to 213K over the past 5 years, they've been constantly doing what BofA is just starting.
Rudderless , nonsensical and tantrum related tarrifs have wrecked the economy. UPS and Amazon are seeing big drops in orders and shipping. Costs have risen for everything, especially if it is an import and people are not buying. The ripple effects will be everywhere.
I certainly think the very top of the house is not happy with the attrition rates. They want it to be higher. However, while they poetry their aversion to large-scale layoffs as some type of noble stance, we know it's because they are too cheap to pay the packages.
So question becomes, do they pull additional levers to boost attrition rates? Most obvious one being a full-time RTO (which I'm sure many senior leaders are pushing for anyway) l, or at least up to 4 days a week. It's been rumored for a long time now. Do they finally go that route?
@gw If Brian stepped down as CEO and his successor was in place for at least 6 months, I would believe you that BOA would be next for major layoffs. Some companies exercise layoffs as part of transitioning with new leadership. However, I do not see this happening in the near future at BOA.
It would be nice to have more credible information as to your claim of BOA being next. "My band 3 friend" indicates to me that your comment is just a ruse to prolong the thoughts of people wanting a package. You may not be an employee at BOA and you are just bored. If you are legitimate, then more information would be helpful. Until then, just mute yourself!!!
We are next FOR SURE. My band 3 friend told me and If you don't think so you high af on that blue and red flag lol.
@a4 Gee, what trusted inside source did you hear that news from?
Oh, wait you don't release your source information.
@ep Good point. I find it ironic that Amazon is shutting down a distribution center in New York...the same distribution center that was first to unionize.
Guess they didn't think about that little snag when they signed the contract.
None of those are finance and/or banking I don't think... a lot of tech, retail, consulting, and logistics.
Not that there aren't any causes for concern, just that I'd be much more worried than I already am if I saw Citi, Chase, Wells Fargo, or some of our other peers on that list.
@ah UPS is a lot of operational and middle management. They probably found ways to increase efficiency most likely through AI.
Also doesn't help that enormous union deal they made a couple years ago. I'm sure that has nothing to do with it, right?
@cw no sir you got it wrong. Just wait for few more months to see where jobs are going.
The most disturbing is UPS. Their whole model is shipping goods. If that has slowed, then it’s a clear indicator of capitalism slowing, as capitalism’s core is the consumer.
Amazon said it’s mostly from the COVID hiring frenzy when we were all stuck home buying everything on Amazon. But can also indicate reduced Amazon 3rd party contracting. Many aren’t aware, but Amazon is one of the biggest government contractors on the planet. Trump isn’t nearly as scary as Jeff Bezos….
But according to Wall Street bank CEO’s, there are no signs of systemic trouble. Granted, car repossessions are booming, credit cards are maxed, and consumer confidence indexes are in the toilet. But, don’t worry, the wall st bankers say all is good, and they’ve lied to us before….
Amazon is mostly noise. It’s only 14k and so far only middle management.
@ab no, AI automation and more jobs to nearshoring/offshoring
Carter's also announced they would be laying off and closing around 150 stores. tariffs will be costing them between 200-250million
So basically more h1bs to hire
@OP I heard Bank of America is next.