Shhh. No one is supposed to say this. But mega-investor Jim Rogers did.
And the big banks’ dire financials are vital to understanding that Bank of America will be lucky to stop with 35,000 job cuts. That is a little over a tenth of its global workforce. Has financial activity and value shrunk by only 12 or 15 percent in recent months?
Worse, serial government bailouts have prevented banks from facing up to the new realities, creating a hide-and-seek system where the emphasis in on denying current liabilities rather than creating new business and servicing customers. This guarantees massive job cuts in a service sector like banking.
As a result, I would not be surprised if BofA sheds 50K jobs globally in the next several quarters.
