Bank of America Pledges to Retain and Pay Staff Throughout 2020
- ‘We don’t want our teammates to worry about their jobs’: CEO
- Bank has extended $50 billion-plus in loans, Moynihan says
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Bank of America Corp. said it won’t cut any jobs this year as a result of the coronavirus, and is helping clients affected by the pandemic through increased commercial lending to companies and expanded forbearance for Main Street customers.
The Charlotte, North Carolina-based lender has hired 2,000 people this month and is shifting more than 3,000 employees to new roles in its consumer and small business divisions to deal with the crisis, according to a company memo seen by Bloomberg. The moves include internal and external hires.