Article Review-"Bank of America to Cut $5 Billion in Costs by End 2013", "Wall...

article Review David Benoit, Bank of the States to Cut $5 jillion in Costs by End 2013, Wall pathway Journal, September 12, 2011. Corresponding chapter in Mathis & Jackson Chapter 1 Article Abstract Bank of America is hopping on the bandwagon when it comes to sign onting jobs. feather boa deficiencys to cut 30,000 jobs in the next a few(prenominal) years. This is part of a ample cost cut that will reach $5 gazillion by 2013. The project will be done in steps starting with the 30,000 job cuts. They will then centralize their efforts on reducing their $28 billion expense s in commercial banking, wealth management, corporate banking, and investment banking. BOA did not give any specific details on how this was going to be accomplished. Two other banks seem to be following in Bank of Americas footsteps. surface Fargo has stated that they will be swing 12% of their every quarter costs by 2012. Morgan Stanley, an investment bank, will keep running play of bills through their employees Blackberries in an attempt to cut $1 billion in the next three years. Article and Textbook Organizational restructuring ready on page 10 of Chapter 1 is eliminating layers of management as well as cutting staff through downsizing, layoffs, and advance(prenominal) retirement buyouts.

It also states that this has become a concern in a number of industries as economic factors have changed. personal Thoughts Cutting jobs is always a touchy subject. I stand see both sides of the story. Companies need to do everything they can to bear afloat. Job cuts are fair(a) a part of business. On the other hand, the unemployment rate is soaring over the last few years due to these job cuts and economic recession. Bank of America is not helping the cause by cutting 30,000 jobs. They were just bailed out by the government and now are cutting jobs. Bank bailout equaled higher taxes and job cuts will just pose us farther into the recession. Citizens were knocked down twice by the government. If you want to get a full essay, order it on our website: Ordercustompaper.com

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