And what is this called? Accumulation by dispossession:
Bank of America, trying to break free from a pile of bad mortgages and a sagging stock price, announced plans to lay off 30,000 employees over the next few years.These layoffs are seen incorrectly if they are not seen as just another way for the bank to make money. Fees are one way of making money as well as trust management; depriving people of their jobs is another. End of story.In a statement Monday, the bank said its goal is "not a given number of job reductions," but to focus "all of its resources on serving individuals, companies, and institutional investors."
The Charlotte, N.C.-based bank, the largest in the U.S. by deposits, said it will cut $5 billion in costs.
