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
Mar 4, 2015
Hillary Rodham Clinton speaks during a keynote address at the Watermark Silicon Valley Conference for Women, Tuesday, Feb. 24, 2015, in Santa Clara, Calif.  (AP)

Hillary Clinton’s week of bad headlines: about her emails and foreign money going to the Clinton Foundation. We’ll dig in.

Mar 4, 2015
This photo taken July 31, 2012 shows a "tiny" house April Anson built in Portland, Ore. For the past couple of months, 33-year-old Anson and her friends have been planning, measuring, sawing and hammering their way toward completion of what might look like a child’s playhouse. (AP)

Tiny houses, micro-apartments. They’re hot. Americans are downsizing.

RECENT
SHOWS
Mar 3, 2015
This July 21, 2014 photo shows strawberry banana chia breakfast smoothie in Concord, N.H. Breakfast habits in America are changing, leading to dramatic shifts in business strategy. (AP)

Food guidelines are changing. So is what we eat for breakfast. Cereal? Out of favor. Eggs? Maybe OK. And all kinds of new menus. We’ll look at Americans and breakfast.

 
Mar 3, 2015
A group of community activists in San Francisco, CA celebrate that city's February 2014 embrace of the Fair Chance Campaign's efforts to alter background checks on employment and housing for convicted criminals. (Courtesy All of Us Or None)

Is it time to stop asking job applicants if they’ve been convicted of a crime? We’ll look at employment and unemployment after prison.

On Point Blog
On Point Blog
Answers To Your Questions On Black Holes
Tuesday, Mar 3, 2015

Yale University’s Priyamvada Natarajan answers your black hole questions in full. (Well, most of them.)

More »
Comment
 
Want To Listen To Lead Belly? Here’s Where To Start
Monday, Mar 2, 2015

Loved our show on Lead Belly, but unsure on where you should start to listen? Jeff Place of the Smithsonian Center for Folklife and Cultural Heritage offers his best picks for a beginning Lead Belly listener.

More »
Comment
 
Our Week In The Web: February 27, 2015
Friday, Feb 27, 2015

We won’t lead you into a debate on the color of #TheDress (it’s blue and black, end of debate), but we do wonder about the blurring lines between so-called Internet culture and general popular culture. Also, it’s snowing in Boston. Still.

More »
Comment