After being cancelled last year, the annual culling of the underperformers is underway once again at BofA.
Following a slowdown in layoffs during the pandemic as a coterie of megabanks (including BofA and Deutsche Bank) announced plans to suspend layoffs, Wall Street’s talent-churning machine is firing back up. Bank of America’s Global Banking and Markets division is reportedly preparing to move ahead with layoffs now that 2020 is finally over. Last year, BofA CEO Brian Moynihan promised that BofA would hold off on any further layoffs until 2021, even as other Wall Street banks started handing out pink slips again once the fall months arrived.
The cuts impacted employees in capital markets, research and investment banking according to Business Insider. Sources from inside the bank said the cuts are part of the typical cycle of Wall Street layoffs, as banks seek to preserve top talent and cull underperformers. They added that the number of people fired was in line with prior years.
Some of those being handed pink slips are senior staffers who volunteered for buyouts.
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I hate being “that guy” who asks people to donate because I think our conservative news network is so crucial, but here I am…
When I left my cushy corporate job in 2017, I did so knowing that my family would have to make sacrifices. But I couldn’t continue to watch the nation slip into oblivion and was inspired by President Trump’s willingness to fight the good fight even at his own personal expense. What I didn’t realize then is that conservative media would be so heavily attacked, canceled, and defunded that the sacrifices would be extreme.
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