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1. In March @BankofAmerica, with some fanfare, announced a modest increase in pay for employees who couldn't work from home ($200 every 2 weeks)
CNBC reported that it would be in place for the duration of the pandemic
This month, BofA ended the payments https://popular.info/p/as-covid-spikes-bank-of-america-ends
CNBC reported that it would be in place for the duration of the pandemic
This month, BofA ended the payments https://popular.info/p/as-covid-spikes-bank-of-america-ends
2. @BankofAmerica didn't announce that the pandemic pay increase was ending. http://Popular.info obtained an internal memo which announced the change.
It comes as COVID cases are spiking around the country https://popular.info/p/as-covid-spikes-bank-of-america-ends
It comes as COVID cases are spiking around the country https://popular.info/p/as-covid-spikes-bank-of-america-ends
3. The day @BankofAmerica announced the pay increase there were 20,880 confirmed COVID-19 cases in the United States, which resulted in 311 deaths
Today, there are more than 8.9 million confirmed COVID-19 cases, which resulted in more than 230,000 deaths https://popular.info/p/as-covid-spikes-bank-of-america-ends
Today, there are more than 8.9 million confirmed COVID-19 cases, which resulted in more than 230,000 deaths https://popular.info/p/as-covid-spikes-bank-of-america-ends
4. Why is @BankofAmerica ending the pay increase now? The bank did not respond to a request for comment.
This is straight out of the corporate PR playbook. Get free press on the announcement. Go underground when you roll it back as the pandemic spikes https://popular.info/p/as-covid-spikes-bank-of-america-ends
This is straight out of the corporate PR playbook. Get free press on the announcement. Go underground when you roll it back as the pandemic spikes https://popular.info/p/as-covid-spikes-bank-of-america-ends
5. It certainly is not a financial necessity. @BankofAmerica had $5 BILLION in profits in the third quarter, while the increase was in place
The company admitted in investor calls the overall impact on costs was minimal. https://popular.info/p/as-covid-spikes-bank-of-america-ends
The company admitted in investor calls the overall impact on costs was minimal. https://popular.info/p/as-covid-spikes-bank-of-america-ends
6. If you like this thread and holding powerful corporations accountable, you'll really like my newsletter http://popular.info/subscribe
7. The modest pay increases have cost the company, at most, a few hundred million. Compare that to the $34 BILLION BofA spent on dividends and stock buybacks last year.
BofA says its employees are priority #1 during the pandemic but actions speak louder https://popular.info/p/as-covid-spikes-bank-of-america-ends
BofA says its employees are priority #1 during the pandemic but actions speak louder https://popular.info/p/as-covid-spikes-bank-of-america-ends
