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    Reading Test 2ND T GS

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    AnaBelenGonzalezSanchez
    Bank of America is planning to cut about 300 jobs in its investment banking and capital markets group due to weak revenue growth. These cuts are smaller than previous cuts to retail banking jobs. The bank is also assigning junior bankers to broader client groups, which may lead to additional layoffs. These changes are part of a cost-cutting initiative known as "Project New BAC" aimed at improving profits as the economy slows and regulations increase costs. The first phase will cut around 30,000 jobs and $5 billion in annual expenses over the next few years across consumer and technology areas. Plans for cuts to investment banking and other divisions will be finalized in May.

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    Reading Test 2ND T GS

    Uploaded by

    AnaBelenGonzalezSanchez
    66 views3 pages
    Bank of America is planning to cut about 300 jobs in its investment banking and capital markets group due to weak revenue growth. These cuts are smaller than previous cuts to retail banking jobs. The bank is also assigning junior bankers to broader client groups, which may lead to additional layoffs. These changes are part of a cost-cutting initiative known as "Project New BAC" aimed at improving profits as the economy slows and regulations increase costs. The first phase will cut around 30,000 jobs and $5 billion in annual expenses over the next few years across consumer and technology areas. Plans for cuts to investment banking and other divisions will be finalized in May.

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    Reading GS

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    READING TEST 2ND T GS

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    Bank of America is planning to cut about 300 jobs in its investment banking and capital markets group due to weak revenue growth. These cuts are smaller than previous cuts to retail banking jobs. The bank is also assigning junior bankers to broader client groups, which may lead to additional layoffs. These changes are part of a cost-cutting initiative known as "Project New BAC" aimed at improving profits as the economy slows and regulations increase costs. The first phase will cut around 30,000 jobs and $5 billion in annual expenses over the next few years across consumer and technology areas. Plans for cuts to investment banking and other divisions will be finalized in May.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    66 views3 pages

    Reading Test 2ND T GS

    Uploaded by

    AnaBelenGonzalezSanchez
    Bank of America is planning to cut about 300 jobs in its investment banking and capital markets group due to weak revenue growth. These cuts are smaller than previous cuts to retail banking jobs. The bank is also assigning junior bankers to broader client groups, which may lead to additional layoffs. These changes are part of a cost-cutting initiative known as "Project New BAC" aimed at improving profits as the economy slows and regulations increase costs. The first phase will cut around 30,000 jobs and $5 billion in annual expenses over the next few years across consumer and technology areas. Plans for cuts to investment banking and other divisions will be finalized in May.

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    READING TEST Business & Admin year 2 2nd Term 2020/2021

    FULL NAME:_____________________________________________________
    DATE:_______________________

    TEXT A

    ACTIVITY 1: Read the text and choose the correct answer for the questions below (5 points)

    Bank of America Corp (BAC.N) is planning to cut about 300 jobs in its investment
    banking and capital markets group, as it struggles to rein in costs to make up for weak
    revenue growth, sources familiar with the situation said on Tuesday.

    The layoffs are not nearly as eye-popping as the bank's job cuts in areas like retail
    banking. Wall Street companies have broadly been looking at cutting jobs recently.

    The bank, the second-largest in the United States by assets, is also assigning junior
    bankers to work with broader groups of companies, the sources said. That move could
    also lead to more layoffs, the sources said.

    The changes for junior bankers are part of the cost-cutting program known as "Project
    New BAC," which the bank launched last year, the sources said. The program, named
    for the bank's ticker symbol, is meant to improve profits as a sluggish economy weighs
    on revenue growth, and new regulations boost compliance costs. The bank is also
    trying to streamline a company that has grown increasingly bloated after decades of
    acquisitions.

    The first phase of the program is expected to cut about 30,000 jobs and $5 billion in
    annual expenses in consumer and technology areas over the next several years. Plans
    for the second phase, which covers investment banking, sales and trading,
    commercial banking and wealth management, are expected to be finalized in May

    1. How does this article describe Bank of America's revenue growth?


    a) Moderate
    b) High
    c)Weak
    2. How do these cuts compare to Bank of America's cuts in retail banking?
    a) They're more severe.
    b)They're not as severe.
    c)They're about the same.
    3. Why is Bank of America "bloated"?
    a) Because they're losing money
    b) Because of the junior bankers
    c) Because of all the acquisitions they have made
    4. By how much will the first round of layoffs cut expenses over the next couple of years?
    a) $ 5 billion
    b)$ 30,000
    c)$ 10 billion
    5. Is Bank of America the largest bank in the United States?
    a) Yes
    b) No
    C) Yes, but it's tied for first place with another bank
    READING TEST Business & Admin year 2 2nd Term 2020/2021

    FULL NAME:_____________________________________________________
    DATE:_______________________

    TEXT B

    Activity 2: Read this article and answer the questions below (2,5 x 4 = 10 points)

    A) Why could this be the beginning of the end of universal banks?


    _______________________________________________________________________
    _______________________________________________________________________
    _______________________________________________________________________
    ___________________________________________
    B) How has universal banks’ policy changed?
    _______________________________________________________________________
    _______________________________________________________________________
    ______________________________________________
    C) What is taking the place of universal banks on the market?
    _______________________________________________________________________
    _______________________________________________________________________
    __________________________________________________
    D) Why do some bankers still sustain universal banks and what will happen to them?
    _______________________________________________________________________
    _______________________________________________________________________
    ________________________________________________
    READING TEST Business & Admin year 2 2nd Term 2020/2021

    FULL NAME:_____________________________________________________
    DATE:_______________________
    Activity 3: Provide a definition for the following words (1 x 5 = 5 points)

    a) What is a microcredit?

    b) Tell me two of the Central Bank’s objectives

    c) What is the Federal Reserve System?

    d) What is leasing?

    e) What is e-banking?

    TOTAL
    /20

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