More Job Cuts at Bank of America
CHARLOTTE, N.C.-- Massive job cuts at Bank of America will happen sooner than many employees thought.
The Wall Street Journal reports the Charlotte based bank will slash 16,000 jobs by the end of the year. It will also close 200 branches.
It's all part of the bank's restructuring plan to cut 30,000 jobs and $5 billion in annual expenses by the end of next year. Following the news Bank of America's stock fell just over one percent Thursday.
Former Bank of America CEO Ken Lewis was viewed as a country Bumpkin! That's the jab from Former FDIC chair Shelia Bair.
Fortune posted an excerpt from Bair's new book. It says Lewis "was viewed somewhat as a country bumpkin by the CEOs of the big New York banks, and not completely without justification." She goes on to criticize Lewis for his deal maker skills.