According to MSNBC, Bank of America is going to lay off 12,500 people over the next two years in order to save $1.6 billion.

Here's a scary quote:

"Bank of America has about $938 billion of assets, 5,700 banking offices in 29 states and Washington, D.C., and about 36 million customers."

$938 billion in assets? And they're only the 3rd largest bank!

To me, the real question is when is the financial sector going to start feeling the pain of outsourcing? The prevailing wisdom is that financial analysts and accountants can crunch numbers just as well in India as they can here, except cheaper. Oh, and with the time difference, they'll always have their work done and on the boss' desk by 9 am!