Bank of America will cut 3,500 jobs nationally by the end of September 2011, more than 1 percent of the bank's workforce of roughly 288,000, according to Associate Press on August 19, 2011. This year alone, it already cut 2,500 employees from its payroll. U.S. banks employ about 2.09 million people, down from 2.21 million people in early 2008, according to data compiled by the Federal Deposit Insurance Corp. The finance and insurance industry made up about 8 percent of the country's gross domestic product last year, according to the Federal Bureau of Economic Analysis. Bank of America's latest cuts came at a time when many banks are actually posting improved profits.
Businesses in Los Angeles County announced 5,700 layoffs in this summer, according to Good Jobs LA, as reported by the LA Times on 8/21/2011. The recession has slammed the County, where 1 in 4 workers are jobless or underemployed. At the same time, "corporations are hoarding almost $2 trillion in cash but failing to invest in jobs, the advocacy group said. The group also cited skyrocketing bonuses for many chief executives and big tax breaks for some of the nation's largest companies."
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