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2011-09-14 Economy

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Posted by Fred 2011-09-14 00:00|| || Front Page|| [11129 views ] Top

#1 Yokay, I'll bite, I know for a fact CNN said 40,000???

Posted by JosephMendiola 2011-09-14 00:27|| 2011-09-14 00:27|| Front Page Top

#2 The internet has fundamentally changed banking.

The pre-GFC boom masked the fact that there are far too many bank retail outlets.

Apart from my mortgage, I do all my banking with a bank that doesn't have any retail outlets (branches).

Posted by phil_b 2011-09-14 01:32|| 2011-09-14 01:32|| Front Page Top

#3 Perhaps the others are retiring to spend more time with their families, JosephM. Or possibly CNN was operating on incomplete information...or Al Jazeera is. The BoA website will have the correct number, no doubt.

Posted by trailing wife 2011-09-14 01:35|| 2011-09-14 01:35|| Front Page Top

#4 Unexpectedly.

Posted by g(r)omgoru 2011-09-14 02:27|| 2011-09-14 02:27|| Front Page Top

#5 I agree with phil_b. About 6 months ago I dumped Chase for banking services with a company that has no retail branches. I saved myself a lot of money and now receive much better service.

Posted by Scooter McGruder 2011-09-14 02:32|| 2011-09-14 02:32|| Front Page Top

#6 I've started going with a full-service investment broker. Banks are a lost cause thanks to the Federal Gov't.

Posted by Besoeker 2011-09-14 07:41|| 2011-09-14 07:41|| Front Page Top

#7 I still smell something rotten with this acquisition of BofA by Buffett. There has to be some government cheese in it somewhere.

That guy is an idiot.

Posted by newc 2011-09-14 14:44|| 2011-09-14 14:44|| Front Page Top

#8 Didn't Bernanke and Paulson kind of just shove Countrywide and Merill Lynch down BofA's throat? That was certainly the impression I got. So if there's any justice, which I doubt, most of the jobs being cut will come from those acquisitions.

Posted by Ebbang Uluque6305 2011-09-14 16:15|| 2011-09-14 16:15|| Front Page Top

#9 Ebbang is correct.
Many if not most of the cuts will come from countrywide, whose ex-CEO is in jail and could not be reached for comment.

Meanwhile Wells Fargo is laying off 12% of its workers thanks to Wachovia's contribution to the mortgage bubble. (shotgun marriage: 1 sick bank + 1 healthy bank = 1 really big sick bank)

Al

Posted by Frozen Al 2011-09-14 17:29|| 2011-09-14 17:29|| Front Page Top

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