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Will BOA layoffs of 30,000+ affect my business account?

I've got a business account with BOA with several hundred thousands of dollars and a dedicated representative. I've read about BOA laying off up to 30,000 people and I'm wondering what the impact will be on (a) branch service (b) my dedicated rep and (c) anything else I should know about.
Anonymous asked this question 2 years ago
  • Bankbuster

    Nix on investments but everything else is fair game!

    While I certainly understand the concerns of some Bank of America customers, the large number of layoffs recently reported in the news is set to take place over a period of years, not weeks or months. This is not an "all at once" move on the part of the bank. Current plans put the number of job reductions for 2011 at 6500 with most of this number coming from early retirements and the decision to not fill some currently vacant positions. The areas that are most directly responsible for servicing the bank's customers do not appear to be impacted -- at least not from information circulating within the bank itself. With the new bank philosophy of developing our relationships with our customers rather than looking outside the bank for new business, I think you can feel fairly confident that any issues, concerns or questions you have with your accounts will find an associate ready to assist you, whether in the banking center or over the telephone. Please feel free to chat with your personal banker or local banking center manager about your concerns, however; sometimes hearing this in a face-to-face context makes one feel better.

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  • Justice

    I am here to save America!

    I just got laid off by Bank of America. What they are look to preserve is core business. Core business would be anything that has to do with "regular banking". Checking, Savings and business accounts. Branch service will remain strong. I set up a new account for my son at Key Bank and I liked the way the branches are run at Bank of America better. Even though I got laid off by BOA I am still keeping my money their.

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  • MIDO

    Helping in your financial situation

    Dear Sir,
    First, It depend on which state your account is ?
    also, BOA will not lay off people from retail banking, mostly it will be in other departments. Your business account will not be affected at all. add to that I recommend for you to start use the online banking option. It is more personal and private. as you have a magnificient tools you can use with it.

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