If BofA relies on attrition in order to save on severance pay, then I don't know how successful that "strategy" is for them?! Despite all the pressures, none of my colleagues have left for a long time, not because they want to stay here, but because they can't get better jobs elsewhere for the time being.
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They are relying on attrition because they know that everyone wants to leave.
People that stay at the bank are usually the ones that say “at least I have a job” or are just to lazy to look. I worked at the bank long enough, seen many layoffs and been in contact with people that got let go. Many of them got better paying jobs after leaving and are happier.
Approx 20,000 people leave the company of their own volition every year.
It is t that hard for the Bank to right size the workforce to a level they deem acceptable