Bank of America employee retention key points

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In preparation of a severe economic recession, Goldman Sachs and Morgan Stanley already fired off staff,

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while Bank of America CEO Brian Moynihan and his CFO have said they don't see the need for layoffs.

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He stated on Tuesday, "We need to run that back down. We're reaching about 215,000 employees.

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According to Moynihan, the company's total number has remained stable between 205,000 and 215,000 recent.

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Large companies like Bank of America continually hire and fire personnel.

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"We need to run that back down," he continued. "We're up to roughly 215,000 workers.

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According to an industry expert, the drop out rate in the sector is normally at least 10% annually,

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but it can be far higher in more demanding, expensive jobs.

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