When times are tough, every ounce of excess must be eliminated. And we’re not just headcount. The banks are likely to be putting the squeeze on colour photocopying, morale-boosting staff parties and office supplies.
But has Bank of America sunk to a new low in the realm of pinickity “expense reduction efforts”?
While we were still in full festive swing, BofA seemed to be in a less-than-giving mood when it came to its staff. CNBC’s Charlie Gasparino revealed on Dec 29 that he had been sent a picture of an internal flyer, about which BofA had made no comment, which read:
Due to expense reduction efforts, we will no longer be supplying the following items:How cruel for BofA, at a time of year when so many are trying to shed their surplus pounds (and not in the Wall St writedown sense), to whisk away the staples of such efforts, soup and sugar-free drinks. A commenter on Dealbook, which takes up the story, confirms that the soup in question was of the “freeze-dried packet variety”, rather than a pricey gourmet offering. The status of full-sugar hot chocolate currently remains unclear.Thank you for your cooperation with this effort.
- Soup
- Crackers
- Flavored teas
- Sugar free hot chocolate
- Hand soap
Other readers questioned the not-so-hidden risks of removing free and easy access to soap for BofA employees. Banking is a dirty business - and even in the low-margin world of publishing, they’ve never tried to strip us of the ability to wash our hands when generally deemed right and proper.
The story was picked up in the New York Post, which noted that Ken “I’ve had all the fun I can stand” Lewis earned $28m last year and that the city’s health laws require soap in bathrooms but not office kitchenettes.
A spokesman for BofA told the paper: “We’ll continue to have plenty of soap in ‘08.”
By this week, the damage limitation effort had really got going. Another unnamed BofA spokesman told the Charlotte Observer that the cutbacks occurred only in two New York buildings and “were not part of a company-wide initiative.”
Phew. So those visiting 5 Canada Square should still be safe to extend a paw in traditional greeting.
