No more slashing jobs ?
Bloomberg News reports that Bank of America halted 21 straight quarters of job cuts that slashed its workforce by more than 80,000 people as CEO Brian Moynihan said customers are expressing more confidence in the economy.
The firm added 549 employees in the first three months of 2017 - the first increase since Moynihan announced a broad cost-cutting push in 2011 to improve profitability. Back then, he said he would eliminate about 30,000 jobs, but then he kept whittling as years passed. On Tuesday, the bank posted a profit that beat analysts’ estimates.
Bank of America has advanced more than any other major U.S. lender since Donald Trump’s election in November as investors speculate the new administration will ease regulation and pursue policies that spur inflation and lift interest rates, boosting profits on lending.
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