Bank of America Leader(s) predict a mild recession to take place within the nearest future, this year probably as an effect of the Federal Reserve issues, unemployment rates and other economic tightenings. Things have been pretty much postponed in a hope to delay the effects, but like a boomerang the results will hit, sooner or later. We will probably witness times worse than the Great Depression but who knows for sure, we can only speculate. The predictions started since April last year, according to NBC and other trusted news outlets.
The hiring process was also slowed down in Bank of America, this year only 300 new hirings where made, whereas last years the number was at 1000 hirings. A statement from BoA promises no lay-offs in next period, which is good.
As for customers of BoA, it seems they are vigilent, silently preparing for the recession to come by increasing their cash reserves by 5-6%, moving investments from the traditional trades to commodities and other utilities. People are trying to search shelter for the things to come and how we will cope, only time will tell.
