90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
Turbulence In The Banking Industry

We’re talking about Bank of American slashing 30,000 jobs and what it means.

Bank of America's corporate headquarters is shown in Charlotte, N.C. (AP)

Bank of America's corporate headquarters is shown in Charlotte, N.C. (AP)

Bank of America, the biggest bank in the country, announced this week it is cutting thirty thousand jobs. 30,000. That is a number big enough to get anyone’s attention. The biggest jobs cutback announced in the country this year. What does it mean?

Well, a lot of pain for a lot of families. A lot of pain at Bank of America, which built an empire with way to much bad mortgage debt.

Is there more to come? At other banks? Is it the end of “too big to fail”? Of the financialization of the American economy? We’ll ask.

This hour On Point: Bank of America’s job cuts, and what they mean.

-Tom Ashbrook

Guests

Paul Barrett, assistant managing editor at Bloomberg Businessweek. His cover story, for this week’s issue is “Can Brian Moynihan Save Bank of America?

Louise Story, business reporter for the New York Times.

Campbell Harvey, professor of international business at Duke University’s Fuqua School of Business.

From Tom’s Reading List

Bloomberg Business Week “For now, Bank of America will not go the way of Lehman or Bear. It has $400 billion in cash and liquid investments and, more important, with $2.3 trillion in assets, it exemplifies the sorry concept of “too big to fail.” No matter what anyone says to the contrary, the U.S. government cannot afford to allow a financial institution of that size to go down and drag the rest of the country with it. ”

Associated Press “Bank of America is slashing 30,000 jobs as part of an effort to reverse a crisis of confidence among investors. It’s the largest single job reduction by a U.S. company this year”

Wall Street Journal “A following phase of the project will seek to reduce part of the bank’s $28 billion in expenses on commercial banking, wealth management, corporate banking and investment banking. The bank didn’t specify a target or job cuts for those lines of business, but said the cuts would be smaller.”

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
Nov 24, 2014
In this photo taken Wednesday, July 30, 2014, Silicon Valley pioneer and Silent Circle co-founder Jon Callas holds up Blackphone with encryption apps displayed on it at the Computer History Museum in Mountain View, Calif.  (AP)

We’ll look at privacy, security, and the battle heating up between intelligence agencies and tech companies that are moving to encrypt your communication.

Nov 24, 2014
Homeless people stay with their belongings under the Pontchartrain Expressway overpass in New Orleans, Wednesday, Aug. 13, 2014. The city’s health department put up notices Monday giving the estimated 150 homeless people 72 hours to leave the area. (AP)

Smashing the assumptions about what it’s really like to live in poverty in America.

RECENT
SHOWS
Nov 21, 2014
Laura Ingalls Wilder, an American  writer and novelist, at age 27. Her "Little House" series is a beloved semi-autobiographical take on her childhood in the Western American plains. (South Dakota State Historical Society )

A big new look at the legacy of Laura Ingalls Wilder and the woman behind the Little House.

 
Nov 21, 2014
President Barack Obama announces executive actions on immigration during a nationally televised address from the White House in Washington, Thursday, Nov. 20, 2014.  (AP)

The president throws down the gauntlet on immigration. Bloodshed and new tensions in Israel. Keystone fails. Our weekly news roundtable goes behind the headlines.

On Point Blog
On Point Blog
Calling All Interns, Calling All Interns
Monday, Nov 24, 2014

Have you ever thought about interning with On Point Radio? Good news: your time is now!

More »
Comment
 
The Explicast, Episode Six: What Does A White House Press Correspondent Do?
Friday, Nov 21, 2014

We turn to White House Press Correspondents all the time for news, but we’ve never really wondered how they gather their information. Fortunately, our guest host Jessica Yellin had time to sit down with The Explicast to explain.

More »
Comment
 
Our Week In The Web: November 21, 2014
Friday, Nov 21, 2014

We offer a panel of hand-drawn digital sheep, and wonder how to best lead the rest of you to programs that matter.

More »
2 Comments