BM stated quarterly sales and trading revenue would be “flat” relative to a year ago. Just like that, BAC stock dropped over 5 percent. Revenue is not the only thing going "flat" at BAC. Has any group gained any new hires to make up for short staffing? In our group, another person just announced retirement and no replacement will be requested. Yep, "flat" everywhere at BAC to include our paychecks...
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Funny thing is JPMC came out today and said their investment banking would be up 10% (compared to BOA flat). Guess we know who can run a bank, lol.
Lots of folks being hired, both FTE and contractors. I am ACR for a large campus so I see all the incoming requests for access.
it was not necessary for BM to make that statement. Stick with the numbers and let the analyst figure that out. Stock drop su-ks.
Well, WTF do you expect when you demoralize your team with reduced bonuses and no raises?? It WILL get worse too, as those in demand, leave for better pay! This IS what happens when you manage your company to shareholder demands! You go to the bottom on expenses via compensation for the rank & file, until one day growth suffers. Next will be further reductions in employee expense to boost net income. It’s like trying to tax your way to prosperity. You end up ki-ling off the prosperity…. It’s time for the executive team to be put under review.
My group has lost 4 phenomenal employees in 10 months. It’s devastating and we were told that their roles will not be filled. The duties will be spread amongst the rest of the group. The level of expertise and institutional knowledge we have lost is catastrophic. They all went to other companies that pay much higher and all are remote. Everyone in my group is traumatized and has no more motivation to be high performers, which I completely understand. It’s not like we will be incentivized monetarily. Make it make sense????? What are these executives thinking? It’s a mess.
Things going well for Brian though
Feb 13 (Reuters) - Bank of America said on Friday it had approved $41 million for CEO Brian Moynihan's total compensation for 2025, reflecting a more than 17.1% rise from last year.