We haven't seen the worst of job layoffs yet .... LINK

[Blackhatjack]

We need to remember that announced layoffs have not hit yet. Just wait until Bank of America and Wachovia employees are 'pink slipped.' We are in for some massive layoffs in the near future.


http://seattletimes.nwsource.com/html/businesstechnology/2008499070_bofalayoffs12.html

"Bank of America to cut up to 35,000"

Bank of America announced what's likely its biggest round of layoffs ever Thursday afternoon, confirming plans to eliminate 30,000 to 35,000 jobs over the next three years.

By Christina Rexrode

The Charlotte Observer

CHARLOTTE, N.C. — Bank of America announced what's likely its biggest round of layoffs ever Thursday afternoon, confirming plans to eliminate 30,000 to 35,000 jobs over the next three years.

Some layoffs are related to the bank's pending purchase of Merrill Lynch; others are because of the faltering economy that already has forced the industry to shed hundreds of thousands of jobs.

Bank of America is healthier than most of its peers, so its massive job cuts are another signal of the depth of the current financial crisis.

The news comes a month after New York-based Citigroup announced it would lay off 50,000 workers worldwide. Bank of America already laid off 7,500 workers this summer after buying mortgage lender Countrywide, and some analysts fear it could announce even more job cuts next year.

[truedelphi]

1. The situation is so dire. n/t