According to CNBC, Bank of America is laying off anywhere from 30,000 – 35,000 employees over the next 3 years. These employees will be a combination of Bank of America employees and Merrill Lynch employees. I think this is only the beginning for bank layoffs. I expect that major banking institutions like Wells Fargo, JP Morgan, PNC Bank and Citibank will all be laying off employees over the next year due to the tough economic climate.
KB Toys declared bankruptcy today and announced that they will be closing 277 stores. This is sad news. I remember when KB Toys and Toys R US were the most popular places to go for the latest toys and electronics.
