Bank of America Lays-off Soups & Soaps
A: This is just great if it turns out to be true! Charlie Gasparino is reporting, from an inside source at Bank of America, that the company is eliminating the lowest cost items for the everyday workers. What did the CEO get paid this year? I have a hard time believing this is true at all because of how crazy it is, and considering the amount of money this bank spends on branding; but if it is, it will be a nightmare for the company's reputation. I mean this is just ridiculous.
The news seemed to be an image snapped by a Bank of America employee and secretly sent to Charlie Gasparino.
Since the image is blurry, I'll write down what the alleged Bank of America notice says:
DUE TO EXPENSE REDUCTION EFFORTS WE WILL NO LONGER BE SUPPLYING THE FOLLOWING ITEMS:
Gasparino even contacted BAC a few times to shoot down this rumor which they denied any response; leading to the story coming on the air.
UrbanDigs Says: Think twice before shaking the hand of any Bank of America employee and ask for plain tea if your thirsty.
Comments (13)
I remember hearing about the old CEO at Bear Stearns famously sending out memos about cost cutting, like "only lick half the inter-office envelope so that it can be reused"
Posted by FormerBear | December 28, 2007 5:00 PM
At the Chicago Bank of America Building, at least, many kitchen supplies have already been phased out over the last few years. At least on the floors I work on. We still have soap though in the bathrooms (I am guessing the rumor is about the kitchen). And I don't recall ever having soup or crackers supplied free. This sort of thing differs from cost center to cost center.
Posted by buzz | December 28, 2007 5:49 PM
As a former BAC employee, I can attest to the periodic resurrection of these "cost saving" measures. One year it was Post It notes. So I remember buying my own and hoarding them.
Almost every year, the free beverages and other small goodies have been under fire from bean counters. Yes it does seem silly, but with so many employees, a few cents x thousands of employees seems like a lot to them.
I think the real point is that it would seem less ridiculous if Executive Management wasn't treated so royally. The EM level at most corporations is clueless about the lives and struggles of ordinary employees. We are the cogs that achieve the corporate goals and are valued for that -- not as individuals.
Thank God I have retired from corporate life and can be a little choosier about what I put up with.
Posted by FormerBACEmployee | December 28, 2007 7:25 PM
This is absolutely TRUE. These signs were placed in all of the pantries where the many trading floors and research offices are located.
Funny thing is, one hour after the airing, teams of maintenance workers were sent to remove the signs.
Better yet, another hour later, they came around again, dug the signs out of the trash cans and shredded them!
Bofa does a great job of building employee morale! Just weeks ago, the CEO was also very complementary on air during earnings commentary. LOL.
You can't make this stuff up!
Posted by Anonymous | December 28, 2007 8:50 PM
unreal..yet the exec's are pulling in millions. what a world. thanks for the comments guys.
Posted by Noah | December 28, 2007 9:04 PM
I just ate free lunch and then washed my hands with extra soap. I am not sure what lies you are trying to say.
Posted by Bank of America employee | December 29, 2007 12:50 PM
They must have also told their employees to save money by only returning calls every third day because that's how long it takes to get an answer to even the simplest questions.
Posted by Jim Cosgrove | December 29, 2007 1:01 PM
I notice you didnt post my comment simply because you fear I expose your lies regarding the Great Company I work for
Posted by bank of america employee | December 29, 2007 1:03 PM
looks like your comment is up there boss! And yes, I am a lie spreader, all lies! There is no credit crunch, it was all just a bad dream!
Posted by Noah | December 29, 2007 1:40 PM
Hey "Bank Of America Employee",
Listen, they clearly didn't post this sign in every branch.
But, the signs were posted in certain building(s) in Manhattan. I am also employee...and they were posted on my floor...but I don't work in the PR department.
Speaking of which, the PR department should be completely fired. Ken Lewis isn't a bad guy - but the PR guys allow him to look bad and appear to degrade employees. In this business, your employees are your assets...a good manager knows to treat them well.
Posted by Anonymous | December 29, 2007 8:15 PM
Just created the site... Hope to get some play. This story touched me so much I spent my weekend building http://www.soupandcrackersforboa.com
I can give two stories where BOA has given me the raw end of the stick. Hope this one makes the news.
Bret
Posted by Bret | December 30, 2007 6:10 PM
The rumour around our bank is that employees are soon going to have to bring their own toilet paper to work.
Posted by Wachovia SVP | December 30, 2007 11:40 PM
Wow Wachovia SVP... thats a crappy deal. Sorry- couldn't resist.
Those free perks matter a lot to employees if I am any indication. I moved from MS to MER back in ought-five and quickly found the ice machine and free tea and coffee that I had come to depend on were gone from the floor pantry at MER. The water cooler was also an issue- there were often "delivery problems" which I took to mean "we didnt order enough water, for the the 17th time in a row" problems. I've since moved on from MER and was very careful during the interviews to see what free stuff was on offer on the floor.
Petty, yes. But all things being equal, I'd rather work for the guy that values his employees enough to spring for access to drinking water.
Posted by drtomaso | January 1, 2008 4:21 PM