'No layoffs' - Bank of America CEO doesn't want employees worrying about their jobs
"We don't want our teammates to worry about their jobs during a time like this," Moynihan told CNBC's
on Friday. "We told them all, there's no issue, you're all going to be working now through year-end. No layoffs, no nothing."by $400 a month and reducing daily work shifts by at least two hours amid the widening coronavirus epidemic. The moves come as the industry faces a rising tide of loan defaults as wide swaths of the U.S. economy have shuttered amid the pandemic.
Moynihan said that the bank hired more than 2,000 people in March to help serve clients and that employees who couldn't work will still be paid. "We'll continue to pay everybody, even those who can't work from home because they the type of work they do isn't doable from home," he said."While long term we can't be sure how this will play out, we want to commit to you that there will not be a reduction in force at Morgan Stanley in 2020," Gorman said. "Aside from a performance issue or a breach of the Code of Conduct, your jobs are secure.
In addition to the no-layoff pledges, a number of banks also have responded to the COVID-19 pandemic by
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