Bank of America Implements Partial Hiring Freeze Amid Recession Fears
Bank of America has implemented a partial hiring freeze, a move prompted by cost-cutting measures and recession concerns. While other major banks like US Bank, PNC Bank, and Bank of America login have resorted to workforce reductions, Bank of America has thus far avoided layoffs, instead focusing on delaying non-critical hires.
The hiring pause, announced by Bank of America, will affect non-critical positions. However, the bank has stated that it will continue to hire for key roles in banking, trading, wealth management, and technology. This approach is a departure from other banks such as BNY Mellon, Goldman Sachs, and Morgan Stanley, which have implemented workforce reductions in response to recession fears.
Bank of America's headcount increased by 3,600 in the fourth quarter of 2022, reaching 216,823 employees. Despite this growth, CEO Brian Moynihan has stated that the firm has not planned widespread job cuts and aims to maintain a stable headcount of around 210,000 employees for several years.
Bank of America's partial hiring freeze is a strategic response to economic uncertainty, focusing on cost-cutting rather than widespread layoffs. The bank continues to hire for critical roles, ensuring business continuity while managing expenses. Meanwhile, other banks have resorted to workforce reductions, highlighting a divergence in strategies amidst recession fears.
Read also:
- Eric Dane Diagnosed with ALS, Advocates for ACT for ALS
- Deepwater Horizon Oil Spill: BP Faces Record-Breaking Settlement - Dubbed 'Largest Environmental Fine Ever Imposed'
- Meta Unveils Ray-Ban AR Display Sunglasses; TikTok Agrees to $200 Million Deal
- Historic downtown temples to receive restoration funds totaling over 25 million pesos
