Job Killer Bank of America offers $20 an hour Pay

One of our biggest job killers, Bank of America offers $20 an hour pay to its remaining employees. Moreover, Bank of America shows how technology kills jobs and raises wages.

Predictably, Bank of America’s decision to raise its average pay from $17 an hour to $20 excites the corporate media. However, the big media fails to mention that Bank of America (NYSE: BAC) is one of our biggest job killers.

In fact, Bank of America CEO Brian Moynihan brags about the 84,000 people BOA cut from its workforce in the past nine years, CNBC reports. To explain, Bank of America, or BOA, employed 288,000 people in 2010, and 204,000 in October 2018, Moynihan estimates.

Bank of America Shows Technological Unemployment is real

“Step back and think about that,” Moynihan says of BOA job cuts, since he took over in 2010. The reduction is “more employees than Delta has I think. All caused by the ability to apply technology to processes and capabilities, and customer behavior changed.”

To clarify, Delta Airlines (NYSE: DAL) employed around 80,000 people in October 2018, CNBC reports. Thus, Moynihan admits technological unemployment is real and tells us how it works.