The nation's largest banking company, Bank of America, is slashing 7 percent of its payroll, almost 10,000 jobs, in an effort to boost profits. The North Carolina-based company says the cuts will hit middle and senior level managers the hardest, as Marketplace's Michelle Brier reports. Banking analyst Karen Shaw Petrou, a former Bank of America manager herself during the 1980's, says this is not a great time to be looking for a new job in banking. So, I don't think they'll be looking for lots of big hires. John Challenger, with the national outplacement firm Challenger, Grey and Christmas, advises those Bank of America managers to think creatively when shopping around their resumes.
People change all the time.
In fact, we find 40 to 55 percent of the people change industry when they make that switch. You have to think of yourself in terms of function. If you've been in lending, you are really in sales. You can go do that in any environment. In New York, I'm Michelle Brier for Marketplace.