Trying to stay under the radar ... Sorry to tell you this, but t'ain't working McGee. We've got you in our sights ... BoA is firing more and more employees.
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Stepped-up layoffs appear to be under way at Charlotte's Bank of America.
Banking expert Tony Plath, who teaches at UNC-Charlotte, says he believes the bank is shedding 30 to 40 workers a week. He calls it trying to fly under the radar.
"What they are trying to do is avoid the headlines associated with the cuts," Plath said.
Wells Fargo, which acquired Wachovia, has said little about job cuts, but Bank of America announced in December that 35,000 jobs would be trimmed back. There has been no mass-layoff, but jobs have been disappearing almost weekly in each of the bank's divisions and they have spanned all levels from executives on down.
Mayor Pat McCrory, who met last week with Bank of America CEO Ken Lewis and Wells Fargo's John Stumpf in Washington, said he felt it was key to maintaining a close relationship now with both CEOs.
"Because I know how much the survival of the banks means to Charlotte and thousands and thousands of jobs," McCrory said.
Jobs that Plath believes could soon be lost.
"I'm afraid the trickle (of job losses) is turning into a little bit more of a stronger flow and this flow is going to turn into a fire hose before too many more weeks go by," Plath said.
McCrory, anticipating more job losses, says he is in touch almost weekly with bank officials.
"I am going to do everything I can to build a relationship with Bank of America and Wells Fargo to convince them that this is the place for the jobs," said McCrory.
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