Thursday’s Headlines: Bank of America to lose position as country's largest banking employer
Bank of America is relinquishing its position as the country’s largest banking employer by ramping up its pink slip issuance to 16,000 workers company-wide by year’s end, reports the Wall Street Journal. These cuts will bring the bank’s employee tally to 260,000 – lower than JPMorgan, Wells Fargo and Citi.
The paper writes: The plan is designed to make the company take less risk, generate more revenue out of existing customers and use an investment banking operation inherited from Merrill Lynch & Co. to become a major deal maker around the world.
The new model has meant recent shedding several international credit-card units, private equity businesses, an insurance unit and investments in overseas banks. Consumer customers may notice fewer branches and a smaller mortgage business.
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