This policy was made because the U.S. economy continues to slump. Sluggish banking business has also made the Bank of America’s stock price plummeted by half since mid-January.
Trimming the employee is expected to save companies money in the bank that it has 58 million customers.
The bank executives were meeting their headquarters in Charlotte, Thursday and Friday last week, to complete a plan that has been discussed for months. President Director of Bank of America’s Brian Moynihan had to do cuts job that Bank of America could soon bounced back.
This is compounded by poor management and weak growth strategy. To overcome the recession, the bank’s executives since last year trying to restructure, to streamline the consumer banking business, including home loans, credit cards, and wealth management.