The financial meltdown that started a few months ago is slowly getting into the bigger barns of America. Congress has just reluctantly approved, in principle, the $15B bailout package for Detroit’s Big Three car manufacturers, and now one of the largest US banks, Bank of America is announcing a 35,000 job cuts? Sara Lefro reports,
“Bank of America Corp. said Thursday it expects to cut 30,000 to 35,000 jobs over the next three years, as it faces a deteriorating economic environment and tries to absorb Merrill Lynch & Co.Further, to think that:
The final number could be even higher, analysts say. Charlotte, N.C.-based Bank of America said it hasn't yet completed its analysis for eliminating positions, and won't until early next year. The company and Merrill have about 308,000 employees in total, and the cuts will affect workers from both companies and all types of businesses.”
"Bank of America is considered one of the country's healthier banks, and its decision to slash so many jobs illustrates the breadth of the layoffs hitting the United States. The nation lost more than half a million jobs in November alone, and economists expect many more to come." (read the rest of the news here)Time to brace ourselves for the worse folks; it is really belt-tightening times ahead.
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2 comments:
Man, that's a lot of people losing their jobs. I wonder how these people gonna cope up during these hard times.
35,000 is a awfully big number but I'm starting to think that some of these companies are doing this to spite the government to push forward a "bailout" agenda. This madness needs to stop soon!