Another round of layoffs for B of A.

[Jonnie Fraz]

Well looks like the bean counters are at it again. Bank of America home loans is laying off more people. It seems that it is not as drastic as their last round, but still letting people go.
Even though they bought the failed Countrywide home loans, I think they are trying to phase them out.
I believe this because at first B of A was not going to change anything, or so they told all the Countrywide employees. Slowly, but surely they have been changing things. HLC's comp packages were dwindled down to nothing, processing has got many more roadblocks and red tape put in the way. More and more of the home loan people are getting laid off. To me seems like they are trying to get rid of it all together. Any thoughts on this?

[mkezzo16]

You know what locations they are laying off..i work at simi valley office that used to be country wide. Im currently on paternal leave with my newborn son but im going back in about 2 weeks. I agree there has been so many changes ..every 3 months im workin on some new project.

[Jonnie Fraz]

Sent you a PM. Congrats on the addition to the family.

[lflkajfj12123]

No way will they get rid of the home loans sector all together... that would make the countrywide acquisition pointless. They don't want to seem like they're making bad investments or business moves. That's why they always call layoffs "reorganizing our sectors" makes it sound like they're actually doing something to the shareholders.

I mean its literally fucked any way you look at it. Countrywide was straight up revealed that they were running shady loans. Merrill Lynch acquisition is hilarious too. They were going bankrupt... I wonder why!? Bank of America is upset at the fact that their investment went sour and tries to back out and the government says no, no, no!

The fact that they were giving out the bonuses like candy and not in the legal way just screams ENRON to me. They're just trying to relocate money and when the government said wtf yo? they just paid the SEC to shut up.

Shady things going on all over in the management there. I hope the stock plunges even lower than it already is.

[Jonnie Fraz]

No way will they get rid of the home loans sector all together... that would make the countrywide acquisition pointless. They don't want to seem like they're making bad investments or business moves. That's why they always call layoffs "reorganizing our sectors" makes it sound like they're actually doing something to the shareholders.

I mean its literally fucked any way you look at it. Countrywide was straight up revealed that they were running shady loans. Merrill Lynch acquisition is hilarious too. They were going bankrupt... I wonder why!? Bank of America is upset at the fact that their investment went sour and tries to back out and the government says no, no, no!

The fact that they were giving out the bonuses like candy and not in the legal way just screams ENRON to me. They're just trying to relocate money and when the government said wtf yo? they just paid the SEC to shut up.

Shady things going on all over in the management there. I hope the stock plunges even lower than it already is.


I don't know buddy. They are putting up roadblocks that no one else in the industry uses. Now they are outsourcing VOE to a third party. Instead of taking minutes to check employment now it takes days. It very hard to get stuff done without being too specific.
Funny you mention their stock...it looks like the last ride of the Titanic on the way to the bottom of the Atlantic.

[tricky_ab]

Oh by the way guys,

Bank of America Corp. gave Chief Executive Officer Brian T. Moynihan a $9.05 million bonus for his first year as leader of the largest U.S. lender by assets, less than the company awarded to its investment banking head. (http://www.washingtonpost.com/wp-dyn/content/article/2011/01/31/AR2011013105314.html)

Awards for executives including Moynihan were based upon "recognition of 2010 as a unique and critical transition year," the company said in the filing.


Unique and critical my ass, you bastards.

[lflkajfj12123]

yeah and then the government tried to punish them for it

BoA then paid the SEC 33 mil to turn their nose and look the other way

[lflkajfj12123]

They are putting up roadblocks that no one else in the industry uses.

Doing things no one else in the industry does... same thing as shady right?

[iveexcaped3]

B of A is the worst bank to start with. They can't keep up with wells Fargo or Chase. Their fees are to outrageous. If a burger joint charged $9 for a burger and the one down the street charges $5 for the same one. Who you gonna pick? The bank will go under and Chase or wells Fargo will buy it and keep the name. Just like Chase did with WaMu and wells Fargo did with wacovia

[S13Zilvia_fan]

I like how people say B of A will go under, when the only problem they are really having is mortgages. I've had an account since I was in HS and have had no issues with them.

[iveexcaped3]

Yeah mortgages that are $100k that people let go and don't pay them and since market is at an all time low no one is buying. Their stuck in a bunch of houses they can't sell. their better off going from a bank to a real estate company.