Page 164 - Flip Banks TG
P. 164
Diagram 8
Employment had peaked in 2009 at 302,000 after the Merrill
Lynch purchase. After a series of brutal redundancies, it fell
by 100,000 whilst the number of branches dropped from
6,100 in late 2008 to 4,500 in 2016.
Restructuring at BofA has been ongoing under Moynihan as
the bank exits from the more lucrative but risky businesses
of subprime activities such as lending for cars, credit cards
and homes. None of this is all that dramatic. But it is
intentional.
