Skip to comments.Bank of America to Cut 16,000 Jobs by Year-End: Report
Posted on 09/21/2012 8:23:48 AM PDT by SeekAndFind
Bank of America is planning to cut 16,000 jobs by year end as it speeds up a company-wide cost-cutting initiative amid declining revenues, "The Wall Street Journal" reported on Wednesday.
Job cuts could begin in the company's European investment bank and sales and trading units as soon as Monday, sources told CNBC. Bank of America will begin layoffs in the U.S. on Thursday, September 27, sources said.
The job cuts would put the second-largest U.S. bank a year ahead of schedule in eliminating 30,000 jobs under a program called Project New BAC. The job cuts could shrink the bank's workforce below that of rivals JPMorgan Chase and Wells Fargo.
The reductions were outlined in a document given to top management, the Journal reported. Since taking the helm in 2010, Chief Executive Brian Moynihan has been working to streamline and reduce risk at a company that has lagged rivals in recovering from the financial crisis, largely due to mortgage-related losses.
The bank had 275,460 employees at the end of the second quarter.
Under Project New BAC, Bank of America has said it planned to eliminate $5 billion in annual expenses and 30,000 jobs by the end of 2013, largely through cuts in consumer and technology areas. A second phase is expected to eliminate $3 billion in annual expenses by mid-2015 by making undisclosed cuts in capital markets, commercial banking, and wealth management areas.
(Excerpt) Read more at cnbc.com ...
I knew this was going to happen when Barry cancelled Rimshot Joe Biden bobblehead night at Bank of America Stadium in Charlotte during the convention.
The Bank of America snake has finished digesting Countrywide, and it will now be leaving the other end. With no actual effect to save the real estate market since it was forced to eat it.