Bank of America employee layoff latest news

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As one of the primary ways he helped shape Bank of America after the 2008 financial crisis, Brian Moynihan is no stranger to firing employees.

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However, his company has shifted how it employs its employees in recent years.

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It increased the staff's minimum wage, offered them cash and stock bonuses, and enhanced benefits.

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Moynihan and his CFO have stated that they do not see the necessity for layoffs,

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in contrast to competitors Goldman Sachs and Morgan Stanley who recently reduced staff..

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..in preparation for a potential economic recession in 2023. However,

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as the bank looks to slash costs given the industry's revenue pressures,

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the company's workforce may still decrease.

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