Bank of America Announces Job Cuts; 35,000 Over Next 3 Years
December 11, 2008
Bank of America (BAC: 13.98 0.00%) announced today that it will be eliminating approximately 35,000 jobs over the next three years. Bank of America, with its acquisition of Merrill Lynch complete early next year will have a combined workforce of some 308,000 employees, meaning that they are trimming more than 10%. This is just another [...]
Read More >>GE To Cut Real Estate Portfolio by More Than 10% Next Year
October 2, 2008
Costar is reporting that GE is planning a $10B haircut to its real estate holdings next year. This comes at a time when the cost of capital is increasing, its availability decreasing, and the supply of real estate assets available for sale will be spiking (think Lehman, AIG, Merrill, just to name a few).
The Fed has talked [...]
Lehman’s Ship Sinking; Bank of America Acquiring Merrill Lynch
September 14, 2008
In what is one of the most fantastic days in modern financial history, Lehman looks to be headed into bankruptcy as potential suitors Barclays and Bank of America have walked away. Meanwhile, Bank of America has reached an agreement to acquire Merrill Lynch.
These two moves likely won’t be the last as attention will likely next [...]
Bailout At The Pump: Secret Deal to Bail Out The Financials
June 30, 2008
A conspiracy is nothing but a secret agreement of a number of men for the pursuance of policies which they dare not admit in public.” - Mark Twain
Normally I don’t get to engrossed in conspiracy theories and the such, but what is happening with oil and the financials and the dollar is becoming so gross [...]
Merrill Lynch Eliminating Jobs at First Franklin in San Jose
September 21, 2007
Merrill Lynch is eliminating jobs in San Jose at its First Franklin subsidiary, the subprime lender purchased approximately 10 months ago for $1.3 Billion. First Franklin is located at 2150 North First Street in San Jose.
The downturn in the Alt-A mortgage market has led many mortgage lenders and brokers to close up shop leading many [...]