Bank of America to cut 30-35,000 jobs, Citigroup to cut 52,000 jobs.

Bloomberg reported this on Thursday, here is an excerpt:

“Dec. 11 (Bloomberg) — Bank of America Corp., the third- largest U.S. bank, said it plans to cut 30,000 to 35,000 positions over the next three years because of its acquisition of Merrill Lynch & Co. and the weak economic environment.

The final number of job cuts won’t be decided until early next year, the Charlotte, North Carolina-based bank said in a statement today. The companies together employ 307,000 people, including about 60,000 at New York-based Merrill Lynch. Bank of America spokesman Scott Silvestri said the “vast majority” of job cuts will come next year.

All lines of businesses and staff units will be affected, and “as many reductions as possible” will be made through attrition, Bank of America said. The companies have already begun dismissing equity analysts, according to a person briefed on the changes.

“They are saying that even though we’ve got the best efficiency of any large bank holding company, we still have extra costs,” said Christopher Whalen, managing director of Institutional Risk Analytics, a market-research firm. “They still have to throw more stuff out of the boat because they have to stay afloat.”

Bank of America is the latest firm to announce a workforce reduction amid the worst financial crisis since the Great Depression. Citigroup Inc. is planning to eliminate 52,000 jobs in the next year….”

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U.S. President, George W. Bush, “Declares Peace” after Oval Office seance with John Lennon, conducted by former First Lady, Nancy Reagan! A Merry Christmas to all!!! :)

U.S. soldiers may be home for the holidays this year, as ‘Someone’ reported today that U.S. President, George W. Bush, has “declared peace.” -In what has been described as a “seance” that purportedly involved the former first lady, Nancy Reagan channeling the late John Lennon as he spoke to Richard Nixon from his honeymoon bed in 1969, saying, “[President Nixon] should just ‘declare peace’…he’d be far more popular…and it’d be much more economical…just declare peace!”

As a result of the President’s declaration of peace, his approval rating is expected to hit it’s highest levels in years, the U.S. government is expected to save billions of dollars, and Thousands of American families are expected to have regained the privilege of enjoying the rest of their Childrens’ lives!

(“Mission Accomplished!”)

For purported footage of the event, hit play below:

“…AN EYE FOR AN EYE MAKES THE WHOLE WORLD BLIND…” –MOHANDAS KARAMCHAND GANDHI

“…if teachers teach you to do to others that which is bad for yourselves, -teach violence, execution, wars- know that they are false teachers.” -Jesus Christ (Lk. vi. 45)

“In the former law it was said: “Do good to men of your own nation, and do evil to strangers.” But I tell you, love not only your own countrymen, but people of other nations. Let strangers hate you, let them fall upon you, wrong you; but you speak well of them, and do them good. If you are only attached to your countrymen, why, all men are thus attached to their own countrymen, and hence wars arise. Behave equally towards men of all nations, and you will be sons of the Father. All men are his children and therefore all brothers to you.” -Jesus Christ (Mt. v. 43)

Citigroup CEO announces bank will eliminate 52,000 jobs over the next year.

Nov. 17 (Originally published by Bloomberg) (Read whole article, click here)Citigroup Inc. Chief Executive Officer Vikram Pandit said the bank will eliminate 52,000 jobs over the next year, twice the target announced last month, as loan losses surge and the economy shrinks.

The reductions, disclosed at a meeting with employees in New York, include 9,100 positions the bank began eliminating in October and about 16,900 announced today. Citigroup will shed a further 26,000 positions through asset sales, 7,900 more than in the previous plan. The total represents 15 percent of Citigroup’s workforce of about 352,000.

Pandit, 51, is accelerating cost cuts after the bank’s stock price plunged 19 percent last week amid concern a global recession will curb new lending just as more home and credit- card loans are becoming delinquent. With bad-loan costs running $4 billion above last year’s levels, profits remain elusive following four straight quarterly losses.