The BofA (BAC) Ax...Followed By a Lavish Party
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Price: $53.83 -0.11%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.1%
EPS Growth %: +23.6%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.1%
EPS Growth %: +23.6%
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According to a report from FOX Business Network's Charles Gasparino on Thursday, Bank of America Corp. (NYSE: BAC) is planning a lavish party in Manhattan tonight, amid job cuts at the bank that began on Wednesday.
FOX Business first reported that Bank of America plans to cut 5 percent of the employees in its capital market arm, which will come mainly from its sales and trading departments and investment banking unit. The cuts will come from much of what the bank purchased from Merrill Lynch in 2008.
The bank made no formal announcement and surprised many employees with pink slips in recent days, while also depriving them of year-end bonuses.
Officials are sore about the bank, which received massive amounts of taxpayer bailout funds in 2008, now partying with the government’s money while it slashes jobs.
"Jessica Oppenheim, a spokeswoman for Bank of America, first denied that any event is taking place or that company money is being used to finance a party amid the layoffs," Gasparino wrote. She later conceded that the event is happening, but did not disclose the time or place.
On executive familiar with the matter told Gasparino that about 150 people will be attending the party, most off which will be sales people at Bank of America and traders.
"Maybe people can network at the party to get a job," the source said mockingly.
Shares of Bank of America are down 18 cents to $13.24 in midday market movement on Thursday.
FOX Business first reported that Bank of America plans to cut 5 percent of the employees in its capital market arm, which will come mainly from its sales and trading departments and investment banking unit. The cuts will come from much of what the bank purchased from Merrill Lynch in 2008.
The bank made no formal announcement and surprised many employees with pink slips in recent days, while also depriving them of year-end bonuses.
Officials are sore about the bank, which received massive amounts of taxpayer bailout funds in 2008, now partying with the government’s money while it slashes jobs.
"Jessica Oppenheim, a spokeswoman for Bank of America, first denied that any event is taking place or that company money is being used to finance a party amid the layoffs," Gasparino wrote. She later conceded that the event is happening, but did not disclose the time or place.
On executive familiar with the matter told Gasparino that about 150 people will be attending the party, most off which will be sales people at Bank of America and traders.
"Maybe people can network at the party to get a job," the source said mockingly.
Shares of Bank of America are down 18 cents to $13.24 in midday market movement on Thursday.
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