Thursday’s Headlines: Bank of America to lose position as country's largest banking employer

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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.

Other news:

Jefferies posted a slight Q3 profit increase on trading and advisory.  DealBook
Deutsche will sell BHF Bank for $497M to financial services group RHJ International, where it will become part of wealth-management unit Kleinwort Benson.  WSJ
Massive injections of stimulus into financial markets by the world's largest central banks are creating a domino effect around the globe. WSJ
Moody’s questions the health of the long-term-care insurance business. Investment News
Advanced Equities in Chicago will pay $1.2M for misleading allegedly investors. Investment News
The world's banks have made progress on stricter capital targets, but fared less well on liquidity. Dow Jones
The richest U.S. hedge fund managers. Forbes
USC’s business school on three continents. Business Week

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