Bank of America to slash 30,000 jobs in cost-cutting plan
Posted in Main Blog (All Posts) on September 13th, 2011 4:35 am by HL
Bank of America to slash 30,000 jobs in cost-cutting plan
Sept. 12 (Bloomberg) — Bank of America Corp., the biggest U.S. lender by assets, will eliminate 30,000 jobs in the next few years as part of Chief Executive Officer Brian T. Moynihan’s plan to bolster profit and the company’s stock.
The reductions, equal to about 10 percent of the firm’s workforce, are part of the first phase of an overhaul that aims to remove about $5 billion in annual costs by the end of 2013. Moynihan’s plan, dubbed Project New BAC, included a management shakeup last week that elevated Thomas K. Montag and David Darnell to co-chief operating officers and left Sallie Krawcheck and Joe Price without jobs.
Revolving door of employment between Congress, lobbying firms, study shows
Nearly 5,400 former congressional staffers have left Capitol Hill to become federal lobbyists in the past 10 years, according to a new study that documents the extent of the revolving door between Congress and K Street.
The data published by the online disclosure site LegiStorm found close to 400 former U.S. lawmakers also have made the jump to lobbying.
