We don’t lay off people’: This is how Bank of America’s CEO plans to reduce employee levels

(CNBC) Brian Moynihan is no stranger to laying off workers — it’s one of the key ways he helped shape Bank of America after the 2008 financial crisis. But in recent years, his firm has taken a different approach to managing its workforce. It raised the minimum wage paid to staff, gave them cash and stock bonuses and improved benefits. While rivals including Goldman Sachs and Morgan Stanley cut workers recently ahead of a possible economic downturn in 2023, Moynihan and his CFO have said they don’t see the need for layoffs.

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