BofA Pledges to Keep, Pay Staff in 2020
The bank's CEO says it also added staff and is extending loans to keep businesses afloat.
Bank of America has no plans to cut any jobs this year, CEO Brian Moynihan said Friday, joining other banks like Morgan Stanley, Wells Fargo and Citigroup.
“We don’t want our teammates to worry about their jobs during a time like this, and we’ll continue to pay everybody, even those who can’t work from home,” Moynihan said about the coronavirus pandemic on CNBC Friday.
In addition, BofA has added some 2,000 staff members in March and is moving roughly 3,000 employees to its consumer and small-business units in response to the COVID-19 crisis, according to a memo seen by Bloomberg.
“We’ve put our capital to work to increase the new lines of credit, the draws in lines of credit, the access to markets,” Moynihan said on CNBC, and the bank has extended roughly $50 billion in commercial loans so businesses can cover salaries and expenses.
Some 150,000 of the company’s 208,000 employees now work remotely. It boosted the number with computer monitors at home to 50,000 from 10,000 over the five weeks.