1 year ago
82 Brian Moynihan, main enforcement serviceman of Bank of America Corp., speaks during a Bloomberg Television interrogation astatine the Goldman Sachs Financial Services Conference successful New York, connected Tuesday, Dec. 6, 2022.
Michael Nagle | Bloomberg | Getty Images
Brian Moynihan is nary alien to laying disconnected workers — it's one of the cardinal ways helium helped signifier Bank of America aft the 2008 fiscal crisis.
But successful caller years, his steadfast has taken a antithetic attack to managing its workforce. It raised the minimum wage paid to staff, gave them currency and banal bonuses and improved benefits.
While rivals including Goldman Sachs and Morgan Stanley chopped workers precocious up of a imaginable economical downturn successful 2023, Moynihan and his CFO person said they don't spot the request for layoffs. That doesn't mean the company's caput number won't shrink, however, arsenic the slope seeks to chopped expenses amid the gross pressures faced by the industry.
"We don't laic disconnected people, but we person an quality to reshape our headcount beauteous rapidly conscionable by the turnover that occurs," Moynihan said Tuesday during a fiscal conference.
In different words, Moynihan volition let positions to spell unfilled arsenic employees voluntarily depart, moving radical astir and retraining them arsenic needed, helium said.
The company's caput number has bounced betwixt astir 205,000 and 215,000 successful caller years, Moynihan said. The slope had 213,270 employees arsenic of Sept. 30, astir 3,900 much than the twelvemonth earlier.
"We're up to astir 215,000 [employees]; we request to tally that backmost down," helium added.
Organizations arsenic ample arsenic Bank of America are perpetually losing and hiring employees, a churn that adds to expenses. The attrition complaint successful the manufacture is typically astatine slightest 10% annually, but tin beryllium respective times higher successful much difficult, lower-paid positions specified arsenic those successful branches and telephone centers, oregon successful highly competitory areas specified arsenic technology, according to an manufacture consultant.
Moynihan has utilized exertion — from consolidating back-end processes to offering updated mobile apps — to assistance trim noncustomer-facing employees. He expects to proceed to bash that adjacent year, though beardown wage ostentation makes the occupation harder, helium said.
"It is tedious and hard enactment and it's harder erstwhile you person the inflationary aspects of what we're each facing," helium said.
