Bank of America employees & consultants, it’s going to be another bad year.
Like your counterparts at JPM & Citigroup, your firm’s bill came due for all that mortgage backed security nonsense in the years before 2008. (You know, the economic meltdown in which millions of Americans lost their homes to foreclosure.)
Except BofA’s deal is the largest settlement so far. The record settlement of nearly $17 billion to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis is a really big number. It follows agreements in the last year with Citigroup for $7 billion and with JPMorgan Chase & Co. for $13 billion.
So how does this impact you guys…. Well $17 billion is a lot of money. Money that will be taken from bonus pools, contract extensions, contract rates, head count, and project funding. From a career standpoint, you ( if your lucky enough too keep your position ) will be doing run the bank work with a lot less help, more hours clocked in …….. for less pay than you made last year….. good luck the road is about to get bumpy.
I’m here if you need me.