Here’s Why Bank of America Employees are Fleeing

Bank of America Corp (NYSE:BAC) employees are flooding rival companies with resumes as a major cost-cutting program gets under way. The second-largest U.S. bank is embarking on a plan to slash 30,000 jobs over the next few years.

In recent months, employees in many divisions have been laid off by Bank of America Corp. (NYSE:BAC). Consumer banking head Joe Price and wealth management head Sallie Krawcheck were laid off in September by CEO Brian Moynihan. Their duties were handed to co-chief operating officers David Darnell and Tom Montag. Darnell, in an effort to reorganize his management team, is merging mortgage operations into the consumer bank, leaving the future position of mortgage head Barbara Desoer unclear. The new “organization” has also displaced Bank of America veteran Henry Fulton, who has held top credit card, mortgage, and consumer banking positions.

“Bank of America said it had 288,739 employees on September 30, up from 288,084 three months earlier, but about 2,000 have been told they will be let go,” according to Yahoo Finance.

Here’s how the Big Bank stocks (NYSE:KBE) traded today:

  • Bank of America Corporation (NYSE:BAC): The shares recently traded at $6.72, up $0.32, or 5%. Its market capitalization is $68.10 billion. They have traded in a 52-week range of $5.13 to $15.31. Volume today was 216,483,093 shares versus a 3-month average volume of 312,662,000 shares. The company’s trailing earnings are $-0.31 per share. The company pays a dividend of $0.04 per share for a dividend yield of 0.60%. About the company: Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary. Get the most recent company news and stock data here >>
  • JPMorgan Chase & Co. (NYSE:JPM): The shares recently traded at $33.64, up $0.93, or 2.84%. Its market capitalization is $129.84 billion. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 34,316,651 shares versus a 3-month average volume of 50,930,800 shares. The company’s trailing P/E is 7.17, while trailing earnings are $4.69 per share. The company pays a dividend of $1.00 per share for a dividend yield of 2.90%. About the company: JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals. Get the most recent company news and stock data here >>
  • Citigroup, Inc. (NYSE:C): The shares recently traded at $29.83, up $0.66, or 2.26%. Its market capitalization is $87.21 billion. They have traded in a 52-week range of $21.40 to $51.50. Volume today was 49,388,350 shares versus a 3-month average volume of 59,984,400 shares. The company’s trailing P/E is 7.95, while trailing earnings are $3.75 per share. The company pays a dividend of $0.04 per share for a dividend yield of 0.10%. About the company: Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world. The Company’s services include investment banking, retail brokerage, corporate banking, and cash management products and services. Get the most recent company news and stock data here >>
  • Wells Fargo & Company (NYSE:WFC): The shares recently traded at $25.33, up $0.68, or 2.76%. Its market capitalization is $133.54 billion. They have traded in a 52-week range of $23.02 to $34.25. Volume today was 39,215,900 shares versus a 3-month average volume of 36,707,300 shares. The company’s trailing P/E is 9.38, while trailing earnings are $2.70 per share. The company pays a dividend of $0.48 per share for a dividend yield of 1.80%. About the company: Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally. Get the most recent company news and stock data here >>