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George Noorey
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George Noorey
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 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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Traffic & Weather

 

 

 

 

Jones Road, full road closure between Bennington Lane and NE Butler Market Road. May 18 – August 18, local access only.
 

Oregon State University off-site improvements for intersection reconstruction, July 11 – August 3,    7 a.m. – 4:30 p.m., at intersection of Chandler Avenue and Yates Drive.

 

Orion Drive closed in two locations for sewer work; at the intersection with Avery Lane and between Desert Woods Drive and King Hezekiah Way.  From July 11 to Sept. 6. Detours marked.

 

Valhalla Sewer Relocation Project, Mt. Washington Drive at Shevlin Park Road intersection and North to Regency Street. Nighttime closures with detours marked during roundabout construction. Daytime closures for construction towards Regency Street.    7 p.m. – 7 a.m., July 11 – November.

 
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