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Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC. [96]
Nonfarm payrolls increased by 256,000 jobs in December while the unemployment rate dropped to 4.1% from 4.2% in November. ... But Bank of America Securities believes the easing cycle is over ...
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At that time, he remained CEO and chair of Bank of America's board. Moynihan stated he planned on remaining CEO for years. [23] In 2023, Moynihan's total compensation from Bank of America was $27.8 million, representing a CEO-to-median worker pay ratio of 230-to-1. [24] Moynihan is a fellow at Brown University, serving from 2016 to 2027. [25]
Image source: The Motley Fool. Bank of America (NYSE: BAC) Q4 2024 Earnings Call Jan 16, 2025, 11:00 a.m. ET. Contents: Prepared Remarks. Questions and Answers. Call Participants
The economy added 256,000 jobs in December, well above the average economist estimate of 155,000. The unemployment rate unexpectedly declined to 4.1% from 4.2% in November.
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