Blog # 2-Bank of America restructuring puts 40,000 jobs at risk

In the past, Bank of America has been one of the leading banks in the world. It is currently the United States biggest bank, with its balance sheet holding about three trillion dollars at one point. Now, Bank of America seems to be suffering are going to be restructuring the company to make up for losses. In the next week, Bank of America is launching phase one of its restructuring and going to be focused on consumer banking. This type of banking is your everyday teller, loan officers, and so forth position. Depending on how much restructuring needs to take place, 40,000 jobs could be at risk. This is of major concern around the world, but especially in the North Carolina region.

This is such a major concern for North Carolina because Bank of America's Corporate Headquarters is located in Charlotte and is one of the biggest employers in North Carolina. Socially, is going to cause uproar in the community. Something that will be felt not only in the upper class but the middle and lower classes as well. This is the type of thing where people from all classes because of a loss of Job are going to be going on unemployment, not going to be able to pay their mortgage, and other things as well. It will cause a big disruption and affect the economy not only locally but also on a global level. Bank of America also intends to cut jobs overseas. Announced this week, about 100 employees in the United Kingdom will be laid-off. This just shows that this restructuring is going to be felt on a global scale.