Job Market Monitor
Bank of America
Bank of America / To cut 3,000 mortgage jobs
Bank of America Corp is looking to cut 3,000 mortgage jobs before the end of the year Continue reading
Bank of America / To lay off thousands in mortgage business
Layoffs at Bank of America Corp’s mortgage business will amount to about 2,100 positions, a source told Reuters on Monday, in response to weak refinancing activity. The downsizing reflects the second-largest U.S. bank’s “ongoing efforts to streamline our facilities and align our cost structure with market realities,” Bank of America said in a statement in … Continue reading
US Veterans / Bank of America Hiring Vets for IT
Job recruiters at Bank of America Corp. plan to double the number of military veteran-related events they attend this year. (Chosen excerpts by Job Market Monitor) Josh Renick, the bank’s staffing manager for enterprise military recruiting, tells CIO Journal “it was technology executives who drove that initial push” to hire vets for IT positions. Like at many … Continue reading
Offshoring / Bank of America Moving Home Mortgage Jobs To India
Bank of America (BAC) opened a unit in India to review home-valuation reports as it seeks to rebuild share in U.S. mortgages at a lower cost Continue reading
Banks aren’t the big jobs machines they used to be
One after another, major financial firms are trimming their payrolls. In first-quarter earnings announcements this month, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Morgan Stanley revealed that they have slashed more than 31,000 jobs, or 3.5 percent of their combined workforce, in the past year. For three of those banks, it was the … Continue reading
Fresno Call Center to close / More than 700 jobs
Bank of America (NYSE: BAC), the Charlotte based banking giant, plans to close its Fresno call center in August 2013. Jennifer Darwin, a corporate spokesperson with Charlotte, N.C.-based Bank of America, confirmed the closure, but declined to say how many workers would be affected. The layoffs at the call center will be upwards of 700 … Continue reading
US / All Time Biggest Layoffs
Hewlett-Packard It’s hard to top, or bottom, the recent mass firings by past-its-prime Silicon Valley stalwart Hewlett-Packard. The last few years have been dreadful for the computer manufacturer. Longtime CEO Carly Fiorina was shoved out the door after a disastrous merger with Compaq. Her successor Mark Hurd followed suit after a sex scandal, and his … Continue reading
Bank of America – A New Round of Layoffs
Bank of America Corp (BAC: 7.64, +0.16, +2.12%) has been cutting jobs in its commercial banking unit in recent weeks even as it tries to boost the group’s business, people familiar with the situation said, reflecting the bank’s broader struggles to grow in a tepid economy. The job cuts are the latest round in the … Continue reading
Bank of America | More Than 300 Job Cuts
Bank of America Corp. (BAC), the second- largest U.S. lender, plans to cut more than 300 jobs from corporate and investment banking and trading units run by Thomas K. Montag as underperformers are culled from its ranks, according to a person briefed on the matter. The firm will target workers on desks where business has … Continue reading
UPDATE – Wall Street cuts jobs | 459,400 jobs in four years
U.S. financial sector loses 459,400 jobs in four years – The Business Journals The recession may officially be over, but its effects are lingering in the financial sector. The nation’s 100 biggest metropolitan areas lost a collective total of 459,400 financial-activities jobs during the past four years, according to an On Numbers analysis. The U.S. … Continue reading
Wall Street preparing to cut jobs
Having already slashed bonuses, banks including Citigroup Inc.,Goldman Sachs Group Inc., J.P. Morgan Chase and Morgan Stanley are preparing to cut dozens of jobs, including some held by senior bankers, according to people familiar with the matter. As they pursue this targeted round of trims as soon as next month, they and rivals are also … Continue reading
Bank of America to freeze pension plan
Bank of America announced plans Thursday to freeze pension plans, effective in July, and increase its 401(k) contributions instead. Eligible employees will keep the pension benefits that they’ve earned to date but will not receive additional benefits, Bank of America (BAC, Fortune 500) spokesman Scott Silvestri said. The company will instead begin making an additional … Continue reading
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