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Bank of America plans to cut about 300 jobs in its investment banking and capital markets group as it struggles with weak revenue growth. The layoffs are smaller than cuts to retail banking jobs. Junior bankers will also have broader responsibilities, which could lead to further cuts. The cuts are part of a cost-cutting initiative known as "Project New BAC" aimed at improving profits as the economy weighs on revenues and regulations increase costs. The first phase aims to cut 30,000 jobs and $5 billion in costs over several years in consumer and tech areas. Plans for a second phase covering other areas will be finalized in May.
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- 1. Universidad Aut坦noma del Estado de M辿xico DAL-Second Partial Accounting Evaluation Level-C2 Name_________________________________________________ Date______________ SECTION I READING PART 1 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. A. Answer these questions (choose the best answer): 1. How does this article describe Bank of America's revenue growth? Moderate High Weak 2. How do these cuts compare to Bank of America's cuts in retail banking? They're more severe. They're not as severe. They're about the same. 3. Why is Bank of America "bloated"? Because they're losing money Because of the junior bankers 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? $ 5 billion $ 30,000 $ 10 billion 5. Is Bank of America the largest bank in the United States? Yes No Yes, but it's tied for first place with another bank
- 2. Universidad Aut坦noma del Estado de M辿xico DAL-Second Partial Accounting Evaluation Level-C2 SECTION I PART 2 Starbucks Corp reported better-than-expected quarterly profit but global sales at established coffee shops fell short of analysts' estimates due to weakness in Europe, sending its shares down five percent in after-hours trade on Thursday. Sales from cafes open at least 13 months fell 1 percent in the Europe, the Middle East and Africa (EMEA) region during the latest quarter. Analysts polled by Consensus Metrix had expected a 2.2 percent rise in EMEA same-store sales. Executives attributed the drop to weakness in Europe, which suffered its first decline in same-store sales since 2009. Sales fell in Ireland and Germany during the fiscal second quarter and were up just slightly in France and the United Kingdom, Starbucks Chief Financial Officer Troy Alstead said. Europe has been a weak spot for the world's biggest coffee chain. The region is grappling with debt woes and austerity measures and, earlier this week, Britain said its economy had fallen into its second recession since the financial crisis. "The situation is very, very tough," Chief Executive Howard Schultz said of Europe's economy. "We will turn the Europe business around in the same way we turned the U.S. business around," Schultz told analysts on a conference call. B Answer these questions (choose the best answer): 6. What happened to Starbucks' shares after that their quarterly profits failed to meet analysts' estimates. They rose by 5%. They plunged by 5%. they rose by 10%. 7. "Quarterly profits" refer to profits during how many months? Three Four Six 8. According to the article, in which European countries did Starbucks' NOT see a slight increase in sales? The United Kingdom Ireland France 9. According to the article, _____________ are/is to blame for Starbucks' woes in Europe. Europe's financial troubles European disdain for American coffee the availability of many other good cafes 10. Has Starbucks always struggled in Europe? No The article doesn't specify. Yes
- 3. Universidad Aut坦noma del Estado de M辿xico DAL-Second Partial Accounting Evaluation Level-C2 SECTION II USE OF ENGLISH C Change these direct speech sentences into reported speech. 1. He works in a bank She said ___________________________________________________________ 2. We went out last night She told me ________________________________________________________ 3. Im coming! She said ___________________________________________________________ 4. I was waiting for the bus when he arrived She told me ________________________________________________________ 5. Id never been there before She said ___________________________________________________________ D Put in who or that ONLY IF NECESSARY. The match-----we saw was boring. Did I tell you about the people who live next door? The horse that won the race belongs to an Irish woman. 11I love the ice cream ___________they sell in that shop. 12The book ___________Im reading is about jazz. 13The woman ___________came to see us was selling magazines. 14Well go to a restaurant ___________has a childrens menu. 15The factory ___________closed last week had been there for 70 years. E. Study the examples: a. John is the friend who I wrote to.(I wrote to John) b. John is the friend who phoned me(John phone me) 16. In which of these sentences is who the subject of the clause? 17.In which sentence is who the object? 18.In which sentence can we leave out who
- 4. Universidad Aut坦noma del Estado de M辿xico DAL-Second Partial Accounting Evaluation Level-C2 SECTION III WRITING F Look at the chart and write a formal letterwith the information. ______________ http://englishforeveryone.org/Topics/Reading-Comprehension.htm http://www.eduk.com.mx/cursos/8-fotografia-de- bodas?c=facebookad_mx_fotografiadebodas_ad4_230514 http://www.jcspliteracy.ie/fckfiles/file/7590_Letter_Writing_Book.pdf http://www.ryerson.ca/content/dam/studentservices/els/pdf/Writing%20Emails%20and%20Lette rs.pdf http://cla.unipv.it/wp-content/uploads/materiali/giulivi/Formal%20Letter%20Module.pdf http://www.eslflow.com/LetterWriting.html http://www.english-guide.org/category/listening/sciencetechnology http://www.audioenglish.org/p/accountancy_english_for_accounting_course.htm