Bank of America
Finance Charlotte, NC, USA 213,000 employees
www.bankofamerica.com Bank of America is one of the largest financial institutions in the United States, providing a wide range of banking and financial services to individuals and businesses.
14
Risk Score
108,000
Total Laid Off
7
Layoff Rounds
12%
Layoff Prediction
Positive
News Sentiment
—
Debt/Equity
—
Exec Turnover (12m)
None
Regulatory Scrutiny
Competitive
Innovation
About
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Bank of America is one of the largest financial institutions in the United States, providing a wide range of banking and financial services to individuals and businesses.
Company Size
5000+
~213,000 employees
Geographic Reach
Global
Years Operating
121
Stock Performance
up
Innovation Insights
Innovation Score
9/100
R&D Activity
High
Competitive Position
Leading
- • CashPro Data Intelligence
- • AI and Digital Capabilities Awards
Layoff Timeline (employees affected)
% of Workforce Trend
Most Affected Departments
September 12, 2011
Project New BAC restructuring for operational efficiency
Retail BankingOperationsMiddle Management
30,000
employees
10.7% of workforce
December 11, 2008
Restructuring after Merrill Lynch acquisition and recession
Investment BankingWealth ManagementSupport
35,000
employees
11.2% of workforce
October 6, 2004
Additional staff reductions to eliminate overlap post-merger
Retail BankingOperations
4,500
employees
2.5% of workforce
April 5, 2004
Eliminating redundant positions following the merger with FleetBoston
Retail BankingOperationsAdministrativeBack Office
12,500
employees
7% of workforce
March 22, 2004
Synergy and cost cutting following acquisition of FleetBoston Financial
SalesOperationsAdministration
12,500
employees
7% of workforce
August 16, 2001
Phasing out the mortgage division in several regional markets
Mortgage ServicesOperations
3,500
employees
2.5% of workforce
July 28, 2000
Post-merger restructuring and shift toward digital banking services
OperationsITManagement
10,000
employees
7% of workforce
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