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
Apr 24, 2015
The Rev. Jamal Bryant leads a rally outside of the Baltimore Police Department's Western District police station during a march and vigil for Freddie Gray, Tuesday, April 21, 2015, in Baltimore. (AP)

Loretta Lynch gets a vote. Race and anger in Baltimore. Migrant crisis in the Mediterranean. Petraeus, sentenced. Our weekly news roundtable goes behind the headlines.

Apr 24, 2015
Dick West (Dr. Walter Richard West, Wah-pah-nah-yah or Wapah Nahya, Light Foot Runner), 1912−1996, Southern Cheyenne, Oklahoma. Cheyenne Sun Dance—The Third Day, 1949. Paper, casein, 24 5/8 x 35 1/8 inches. © 2013 Philbrook Museum of Art, Inc., Museum purchase, 1949.20, Photo: John Lamberton.

Artists of earth and sky. Rawhide, bear claw, eagle feathers and the glory of America’s Plans Indians, on display at the Metropolitan Museum of Art.

RECENT
SHOWS
Apr 24, 2015
Dick West (Dr. Walter Richard West, Wah-pah-nah-yah or Wapah Nahya, Light Foot Runner), 1912−1996, Southern Cheyenne, Oklahoma. Cheyenne Sun Dance—The Third Day, 1949. Paper, casein, 24 5/8 x 35 1/8 inches. © 2013 Philbrook Museum of Art, Inc., Museum purchase, 1949.20, Photo: John Lamberton.

Artists of earth and sky. Rawhide, bear claw, eagle feathers and the glory of America’s Plans Indians, on display at the Metropolitan Museum of Art.

 
Apr 24, 2015
The Rev. Jamal Bryant leads a rally outside of the Baltimore Police Department's Western District police station during a march and vigil for Freddie Gray, Tuesday, April 21, 2015, in Baltimore. (AP)

Loretta Lynch gets a vote. Race and anger in Baltimore. Migrant crisis in the Mediterranean. Petraeus, sentenced. Our weekly news roundtable goes behind the headlines.

On Point Blog
On Point Blog
Your Favorite Musical Memories Of Rain
Wednesday, Apr 22, 2015

When we say ‘rain,’ you say ‘…?’ (Here’s what you really said when we said ‘rain.’)

More »
6 Comments
 
Three LIVE Tracks From Flor De Toloache
Friday, Apr 17, 2015

Fantastic live tracks from the amazing women of Flor de Toloache.

More »
1 Comment
 
Our Week In The Web: April 17, 2015
Friday, Apr 17, 2015

Interactions on Facebook, campaign time begins and a truck full of bees.

More »
2 Comments