'We don’t lay off people’: This is how Bank of America's CEO plans to reduce employee levels
In this article BAC GS MS Follow your favorite stocks CREATE FREE ACCOUNT Brian Moynihan, chief executive officer of Bank of America Corp., speaks during a Bloomberg Television interview at the Goldman Sachs Financial Services Conference in New York, on Tuesday, Dec. 6, 2022. Michael Nagle | Bloomberg | Getty Images Brian Moynihan is no stranger to laying off workers — it's one of the key ways he helped shape Bank of America after the 2008 financial crisis. But in recent years, his firm has taken a different approach to managing its workforce. It raised the minimum wage paid to staff, giving them cash and stock bonuses and improving benefits. While rivals including Goldman Sachs and Morgan Stanley cut workers recently ahead of a possible economic downturn in 2023, Moynihan and his CFO have said they don't see the need for layoffs. That doesn't mean the company's head count won't shrink, however, as the bank seeks to cut expenses amid the revenue pressures fac...