WSJ gives BofA’s planned 4,000 layoffs brief space

In these days of closely-observed unemployment figures, a sensitive barometer watched on Wall Street, one would expect upcoming layoffs of 4,000 employees at the nation’s second largest bank --- with operations coast to coast --- to grab a chunk of space in The Wall Street Journal, notes Grumpy Editor.

But the revelation received only one large paragraph (under In Brief) in yesterday’s WSJ.

That compares with more detailed stories in the affected areas of Michigan, which will lose 1,500 of those jobs, and Illinois, where 2,500 will get pink slips over the next two years.

Major articles on the layoffs were in yesterday’s Chicago Tribune, Chicago Sun-Times, Detroit News and Detroit Free Press.  The New York Times gave the development six paragraphs via a Reuters report.

In Charlotte, N.C., where BofA has its headquarters and 15,000 employees, yesterday’s Charlotte Observer buried the dual-state layoffs with two short paragraphs deep into a feature, “BofA's Lewis aids stability in time of turmoil,” along with a photo of CEO Ken Lewis.

The Michigan and Illinois layoffs are in connection with BofA’s $21 billion purchase of LaSalle Bank Corp., Chicago.  It is expected to be finalized next month.