by Tara Servatius
Meck Deck blogger
Forget thousands of job cuts at BofA. We meant tens of thousands say the big BofA suits. It’s more evidence of just how precarious Charlotte’s jobs position is and what is to come.
The BofA suits, meeting, interestingly enough, in Charlotte, announced they plan to cut 40,000 consumer banking jobs, the Wall Street Journal reports.
Last spring, Mr. Moynihan assigned 44 Bank of America executives to begin a review of the consumer side of the bank, as well as legal, marketing and human resources.
Um, those would be the bank jobs mainly headquartered in Charlotte.
Many of the cuts, it appears, will come from the closing of 750 branches throughout the country. That will hit here and everywhere. But the centralized management of the branches/consumer banking is what is largely left in Charlotte. When it goes, uptown will crumple like a cheap suit.
To me this looks like they plan to close down most or all of their Charlotte footprint and consolidate what is left elsewhere. If I were running the company, that is what I would do. How can you justify keeping a faux headquarters here when you are billions in the hole?
Given that BofA is the Charlotte area’s third largest employer, this can’t be good.