10:26 AM Eastern - Monday, April 27, 2009

Bank of America: So, About that "America" Part of Our Name

While the US taxpayer has been more than generous towards Bank of America, giving the bank up to $199.2 billion in federal assistance, CEO Ken Lewis hasn't exactly returned the favor.

The New York Post is now reporting that Bank of America has "expanded its India-based payroll to 5 percent of its 301,000 employees" this year - a total of around 15,000 people.

While expanding operations in India, Bank of America continues to lay off its American workers. Since 2004, the bank has cut over 34,000 American jobs, and recently announced plans to eliminate up to 35,000 additional jobs over the next three years. These cuts will amount to 12% of the company's workforce, and would be one of the largest rounds of layoffs in the history of the financial services industry.

"I feel bad about firing people, but at least I have the courage to do it." -Ken Lewis, Bank of America CEO
Another note to Ken Lewis: We invested in you. It's about time that you invested in us, too.

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