Ward Room
Pat Quinn, state workers, Layoffs coming
Quinn to Lay off Thousands

A decision made by Gov. Pat Quinn may leave thousands of state workers without a job by the end of the week.

The cuts are coming in the face of a budget deficit that doesn't leave enough money to pay the workers, the governor says. Quinn also plans to close a prison, juvenile detention center and homes for the mentally ill.

If no cuts are made, several agencies will run out of money by spring, Quinn says.

"We can't spend money we don't have," Quinn said Tuesday.
Quinn Passes Buck on Raise Cuts for Workers

The state's largest government employee union, AFSCME, promises to sue if the layoffs are made, much like they did over blocked pay raises.

And just like the pay raise situation, Quinn says these layoffs aren't his fault.

The governor insists lawmakers didn't leave him enough money to keep the state operating for a whole year. Quinn has asked for $2.2 billion more and already has made partial vetoes to the Legislature's budget.

In July, Quinn responded to a growing labor impasse by saying the General Assembly didn't appropriate any extra money for raises and that his hands were tied.

"The law says that subject to appropriations, these raises would be given," Quinn said. "But the General Assembly did not appropriate the money, the millions of dollars to pay the raises."

When asked Tuesday to confirm the cuts mean thousands of jobs, Quinn said, "We have to do what we have to do."

At same time Quinn maintains, "our number one priority is jobs."

Source: http://www.nbcchicago.com/blogs/ward-room/Quinn-to-Lay-off-Thousands-129290828.html#ixzz1XBT7U7wU

ri Sep 2, 2011 6:20pm EDT

(Reuters) - Bank of America Corp (BAC.N) executives are discussing plans to potentially shed 25,000 to 30,000 jobs over the next several years, the Charlotte Observer said.

Bank of America executives are still working on the final plans regarding the workforce reduction, which could reach much more than 10,000 jobs, the Charlotte Observer reported, citing sources familiar with the matter.

Job cuts at the biggest U.S. bank, which the Wall Street Journal had reported could rise to 10,000 in the coming months, come on the heels of the bank's stock plunging over 40 percent since the beginning of this year.

The bank, part of a growing list of large banks that have been slashing their workforce, is expected to cut 3,500 jobs in the next few weeks as it continues to cope with its $1 trillion pile of problem home mortgages.

Bank of America, which recently received a $5 billion investment from Warren Buffett, has suffered a series of quarterly losses over the past two years, including a record $8.8 billion loss in its latest quarter.

In the first phase of the program, the bank's executives are examining the consumer side of the bank, the mortgage business and staff functions.

In the fourth quarter of this year and the first quarter of next year, they will tackle capital markets, wealth management and commercial banking operations, the Charlotte Observer said.

On a conference call with investors last month, Bank of America Chief Executive Brian Moynihan said the bank could cut as much as $1.5 billion in quarterly expenses.

(Reporting by Brenton Cordeiro in Bangalore; Editing by Joyjeet Das)