BofA Redeploying Investment Bankers Across the Franchise: CEO

The video discusses the strategic use of attrition in managing a large workforce, highlighting how turnover rates have fluctuated during the pandemic. It explains the redeployment of staff across different parts of the franchise, including investment banking, to optimize resources. The video also covers the necessity of halting hiring to manage headcount effectively.

What phrase has the company used for many years to describe their approach to workforce management?

• Attrition is a challenge

• Attrition is our friend

• Attrition is inevitable

• Attrition is costly

How did the turnover rate change during the pandemic?

• It remained stable

• It increased significantly

• It fluctuated unpredictably

• It dropped to a low level

What is the current state of the turnover rate according to the transcript?

• Low double digits

• High double digits

• High single digits

• Mid single digits

What strategy did the company employ to manage headcount effectively?

• Employee layoffs

• Outsourcing jobs

• Redeployment of employees

• Increased hiring

What action did the company take last fall to control workforce size?

• Increased salaries

• Expanded operations

• Stopped hiring

• Offered early retirement