{"id":83313,"date":"2022-12-07T00:09:42","date_gmt":"2022-12-07T05:09:42","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=83313"},"modified":"2022-12-07T00:01:08","modified_gmt":"2022-12-07T05:01:08","slug":"we-dont-lay-off-people-this-is-how-bank-of-americas-ceo-plans-to-reduce-employee-levels","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/12\/2022\/we-dont-lay-off-people-this-is-how-bank-of-americas-ceo-plans-to-reduce-employee-levels.html","title":{"rendered":"We don\u2019t lay off people\u2019: This is how Bank of America\u2019s CEO plans to reduce employee levels"},"content":{"rendered":"\n<p>(CNBC) <a href=\"https:\/\/www.cnbc.com\/brian-moynihan\/\">Brian Moynihan<\/a> is no stranger to laying off workers \u2014 it\u2019s <a href=\"https:\/\/www.cnbc.com\/2018\/10\/17\/bank-of-america-ceo-brian-moynihan-on-cutting-100000-jobs.html\">one of the key ways<\/a> he helped shape <a href=\"https:\/\/www.cnbc.com\/quotes\/BAC\/\">Bank of America<\/a> after the 2008 financial crisis. But in recent years, his firm has taken a different approach to managing its workforce. It <a href=\"https:\/\/www.cnbc.com\/2021\/05\/18\/bank-of-america-says-it-will-boost-minimum-wage-to-25-an-hour-by-2025.html\">raised the minimum wage<\/a> paid to staff, gave them cash and stock <a href=\"https:\/\/www.cnbc.com\/2020\/03\/20\/bank-of-america-boosts-pay-for-tellers-by-400-a-month-cuts-hours.html#:~:text=Bank%20of%20America%20said%20it%20was%20boosting%20pay,said%20a%20person%20with%20knowledge%20of%20the%20plans.\">bonuses<\/a> and improved benefits. While rivals including <a href=\"https:\/\/www.cnbc.com\/quotes\/GS\/\">Goldman Sachs<\/a> and <a href=\"https:\/\/www.cnbc.com\/quotes\/MS\/\">Morgan Stanley<\/a> cut <a href=\"https:\/\/www.cnbc.com\/2022\/12\/06\/morgan-stanley-cut-about-2percent-of-staff-tuesday-sources-say-.html\">workers recently ahead of a possible economic downturn<\/a> in 2023, Moynihan and his CFO have <a rel=\"noreferrer noopener\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-17\/bank-of-america-is-avoiding-investment-bank-job-cuts-for-now\" target=\"_blank\">said<\/a> they don\u2019t see the need for layoffs.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.cnbc.com\/2022\/12\/06\/bank-of-america-ceo-brian-moynihan-on-how-he-plans-to-trim-its-workforce.html\">To read this article:<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(CNBC) Brian Moynihan is no stranger to laying off workers \u2014 it\u2019s one of the key ways he helped shape Bank of America after the 2008 financial crisis. But in recent years, his firm has taken a different approach to [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-83313","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/83313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=83313"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/83313\/revisions"}],"predecessor-version":[{"id":83314,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/83313\/revisions\/83314"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=83313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=83313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=83313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}