Credit rating agency
BofA to Lay Off 30,000 Employees; Moody’s Downgrades 2 French Banks
Bank of America confirmed on Monday that it plans to cut at least 30,000 jobs from the company, and eliminate $5 billion in costs annually by 2014. The banking behemoth currently employs 288,000 people. The first group of employees to be eliminated will be those working in consumer banking operations, and home loans, technology and support operations. […]
This week’s agenda: U.S. credit rating, Obama bus tour, Verizon strike
Charlie Herman looks at what lawmakers need do this week, as well as how much this downgrade will likely end up affecting consumer competence. Callie Crossley talks about what the president needs to do this week before he heads out on this tour.
Global impact of US credit downgrade
The credit rating agency Standard and Poor’s downgraded the United States’ credit rating for the first time in its history, from AAA to AA+, last Friday. This news sent shock-waves around the globe, sending markets into free-fall, and forcing global leaders into emergency meetings. Amar Bhide, professor at Tufts University’s Fletcher School of Law and […]