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Bank of America Cuts Jobs


 It’s the largest single job reduction by a U.S. company this year. The country's largest bank, Bank of America, is slashing 30,000 jobs. The cuts represent about 10% of the bank's workforce. Many industry experts are blaming the housing crash and the federal regulations that followed for major changes in the banking industry.  Linda Navarro, the CEO of the Oregon Bankers Association, says the biggest hit to all banks is regulation that restricts the amount of money retailers paid banks for credit and debit card processing. In this case, she says the big box retailers won, and the banks lost: "We raised the issue several times last year that taking that income out of the hands of banks that use that to pay for the debit card system and basically putting it back in the hands of the major retailers.” She says many of those retailers are now reporting big profits. The bank has already cut 6000 jobs this year. These cuts are the largest by a U.S. employer this year. The postal service announced 30,000 job cuts last year and GM cut 47,000 jobs in 2009.

 

 

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