Bank Of America Set To Fire 8,000 As Banker Layoffs Accelerate
by Tyler Durden
ZeroHedge.com
Jun 15, 2016
A few months ago we pointed out that mass layoffs were coming for bankers due to declining revenues and more difficult market conditions, and now we’re seeing the first major wave of that come to fruition.
Bank of America has announced that it will fire as many as 8,000 employees within its consumer division the FT reports.The core reason given for the headcount reduction in this instance is that digital banking is picking up the pace, and has reduced the need for “back office staff” and bank tellers.
This is a trend that BofA highlighted in its In its Q1 earnings press release, as the bank showed that mobile banking users had shot up 15% y/y.
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