16,000 jobs are to be lost in the Bank of America. The bank is cutting jobs as it seeks to reduce expenses. This action has been called for because of dwindling bank’s revenues. The bank wants to save a staggering $5 billion it spends on payroll. This would mean that the bank is stripping the names of 30,000 employees off the payroll by the end of 2014.
The laying off of 30,000 workers is being done in two phases. The first phase is being carried out this year, and 16,000 of the current Bank of America are losing jobs. The ultimate number of employees would come down to 260,000 making it lose the number one spot as the top bank employer. Bank of America would come after JPMorgan Chase, Citigroup and Wells Fargo as banks’ highest ranked employer.
An expected shrinking in the market prices happened in the pre-market trading. The Bank of America market share declined by 1.4% to end up at $9.16. This is an accurate speculation when the bank is planning to reduce wealth management, commercial lending and investment banking by a whooping $3 billion per annum.
How and why to cut jobs?
The loss of 30,000 jobs that is projected to be finalized by 2014, would reduce information technology and consumer banking branches of the Bank of America businesses. The banking company would be leaner and easier cost reduction strategies fully implemented. This is to save on the stocks that have been dropping since late 2008, since the untimely acquisition of Countrywide Financial.
The bank’s way of slashing the jobs is not known for now but 5,300 people to go home would come from consumer banking while 3,200 would come from department of mortgage. That’s according to a report in The Journal. The mortgage business never recovered after the acquisition and had pressed down on the annual incomes of the Bank of America.
The 16,000 people to be sent packing and rendered jobless would most probably be the under-performing employees. They would be targeted from departments mostly facing cost reduction and leaner organizational structure. This implies that they would most likely be thrown out in mortgage and consumer banking departments. The aging workforce of the Bank of America might be endangered to come under the blade of job cutting measures. It would see it more worthwhile to render unemployed worker who already or expected to be having considerable amount of savings than youths who have just been employed a couple of years ago.
Is the 16,000 layoffs and further 14,000 to come an aftermath of financial crisis or is the financial crisis not yet over?
Youth unemployment would definitely be on the rise in the whole of the United States. The country is already suffering from lack of adequate job creation and the situation is now worsening. The phenomena that is likely to shape political campaigns and boil political temperatures. 16,000 people to join the searching job seekers and more 14,000 to be laid off.
iOS 6 download for iPhone, iPod Touch and iPad makes life better. Apple’s iOS 6 release into the market is a big mark of its dominance in mobile technology. This system can easily be upgraded. The iOS 6 release has come to the great pleasure of the majority who would be happy to have iOS 6 download for free. Absolutely no charges.
Maps in iOS 6 are breathtaking. They are well designed bringing out the most near perfect images. Maps and graphs speak more than a thousand words. The basics of maps in the new iOS 6 were derived from vectors. The element that makes texts and graphics to be very much detailed. Zooming maps usually become obscurer as the magnification increases. That was just but a challenge that the new iOS 6 was developed to solve.
The names of places are well indicated and illustrated in the maps. It also gives up to date traffic news making it useful to maneuver places while at the same time avoiding traffic jams. Now that iOS 6 is available for download, we might see efficient use of roads minimizing traffic.
iOS 6 has made uploading of pictures to social media to be easy. In the gallery, photos are named, grouped into albums, location taken specified using maps and posted directly to Facebook. Fans of games can keep fellow friends informed on the level of score sheet. This can be done manually or activating Siri, a feature that automatically posts games’ scores on Facebook.
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Streaming Photos to your own chosen friends is much easier with iOS 6. Select the favorite pictures to
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Those friends who have in their iOS 6 device iCloud application would receive the photos in iPhoto.
Friends who were shared with the photos can see the shared photos in Apple Tv’s photo stream. They
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This application works on both Wi-Fi and mobile cellular networks. FaceTime calls can be received on the iPad. This implies also that you can use FaceTime on any Apple device. Enjoy the voice on the line as you look at the face of the person calling.
iOS 6 features give an option of declining or accepting phone call. There is an option of DO NOT DISTURB that can be activated, sending voice messages of callers to voicemail. But it also considers people who can’t be ignored like closest friend, boss and girlfriend/boyfriend.
iOS 6 Guided Access is a feature that suits people who have disabilities (hearing, mobility, vision and learning). Students who suffer from autism are much assisted to remain focused in reading and other tasks. The iOS 6 device is limited to one application (Home button is just disabled) and other areas of the screen restricted. For the blind, there is revolutionary reader (VoiceOver) that has AssistiveTouch and Maps.
iPod touch and iPhone panorama feature is amazing. It allows the capture of moving objects. It can shoot up to 240 degrees from a simple motion producing high-definition panorama.
Browsing has been made better with iOS 6. iCloud stores the pages opened eliminating the need to reopen them. This makes browsing convenient and a most exciting thing to do. The cost of connecting to the internet is also reduced because pages required are opened, saved by iCloud and the internet disconnected. Photos can also be taken without leaving safari and posted in sites such eBay and other similar sites.
Its interface is streamlined for easier writing and reading. VIP list can be set up. This is a list of messages from important people. The mailboxes can be refreshed by swiping down.
iOS 6 has LostMode making it easier to locate. The lost phone can be protected with a four-digit password that automatically locks the phone and send a message that carries a person’s contact address. This enables a Good Samaritan to trace the owner of the phone. This iOS 6 feature would be of great help to many people.
Free iOS 6 is now available for download.