BofA layoffs hit longtime execs

[babylonsister]

BofA layoffs hit longtime execs

Past job cuts rarely hit so high; last week more than 12 were asked to leave right away.

By Rick Rothacker


Bank of America Corp.'s layoffs are extending deep into the upper ranks of management, with more than a dozen high-level executives abruptly losing their jobs last week, sources told the Observer.

The layoffs show the broad scope of the Charlotte bank's plan, announced last week, to eliminate 30,000 to 35,000 employees over the next three years. Bank of America has attributed the cuts to its pending Merrill Lynch acquisition and “the weak economic environment.”

Past layoffs have rarely touched so high in the company, a source familiar with the nation's biggest consumer bank said. The source called the handling of the situation “shameful,” with long-time, well-respected executives asked to leave immediately. The news has sent shudders through the organization.

Bank of America spokesman Scott Silvestri declined to identify executives laid off. “As a practice, we only announce personnel changes when it involves the very top people in the company,” he said. “We don't believe it's appropriate to publicly announce other such decisions due to the privacy concerns of our associates.”

The bank has said layoffs will mostly start early next year but has confirmed that a few have occurred already.

more...

http://www.charlotteobserver.com/597/story/87689.html

[cap]

1. so our bailout money is going to fund mergers and acquisitons that lead to layoffs?

our tax dollars hard at work.

[AndyA]

2. Quite the scam, eh?

We're paying to lose our jobs. Literally.

I think it's obvious companies are getting too big. When you're too big to fail, you need to be made smaller.

Let's start with Bank of America, AT&T, General Electric, Halliburton, and Exxon Mobil. When they've been cut up, we'll pick more.

[lonestarnot]

3. Beautiful.

:banghead:

[Fleshdancer]

4. Wow. Look at some of the people that were let go:

Lance Drummond, head of e-commerce and ATMs

Mark Ricci, head of sales, service and execution in the consumer bank

David Onorato, head of litigation

Chris Swecker, global security director for Bank of America and former FBI official

[unhappycamper]

5. This almost sounds like the corporation realized that someone has to do the work.