Page 34 - Bank of America E Teaching Note
P. 34
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.
