Bank of America CEO announces No Lay Offs in 2020
Should we be proud or scared of mass lay offs in 2021? Honestly its a great reassurance to give by CEO of a company of this size (over 200k employed) At the same time I am wondering how bad is this going to stress the firm? Should we expect mass paycuts/layoffs in 2021? Discuss.
No layoffs “due to the virus”. They can lay off for any other reason. Just crappy marketing that the American sheep will buy in to.
I was just coming here to say that exact same thing. From personal experience, if BOA (& especially MERRILL) says something like this you have to read in-between the lines and make sure to never take anything face value with this company...
The internal memo read : No lay offs what so ever in 2020.
Will Goldman Sachs follow
Naah they're too chicken to do it
Visa did it
Be thankful that they are not laying off ...you get more time to prepare for what's coming !
And what is that?
Winter
Morgan Stanley announced same thing last week. No layoffs other than performance or security issue
Performance is kind of a catch all.
Yep, but something they have to document over a period of time before going that route
I’m sure the majority of employees are able to work from home. And financial banking center associates are currently wearing masks and gloves.
The layoffs don't always happen because of performance, this time around they'll be coz the bank can't afford to pay all their employees
I thought the Fed protected the banks. And aren't banks too big to fail?
Banks own the fed. Add many other industries to the list of TBTF companies.
The fed doesn’t protect against lay-offs lol.
lmao... like any big company ever justified a lay-off except for performance or economic reason if they don’t want to be sue
The fact that they're not making workforce adjustments based on short term impact is good. Of course if this crisis lasts into 2021, no one will be surprised that there are layoffs at that point.
That's too early to call right now. Will depend on if and how the markets rebound in Q3 and Q4
I think there will be layoffs late 2020/21 based on “performance “. Of course not because of virus though.