Bank of America Corp. said today that the first phase of its cost-cutting program is expected to eliminate 30,000 jobs over the next few years.
The reductions will come in consumer banking and other areas covered by the first phase of the program, called Project New BAC after the bank's stock ticker. The bank said attrition and the elimination of “appropriate unfilled roles” will be a “significant part” of the decreased number of jobs.
The Charlotte bank employs about 288,000 worldwide, about 15,000 in its headquarters city. The job cuts would equal a little more than 10 percent of the workforce.
At an investor conference this morning, Bank of America chief executive Brian Moynihan said the bank planned to slash $5 billion in annual expenses in the first phase of the efficiency program.
The reduction amounts to 18 percent of the $27 billion in expenses Bank of America tallied for consumer banking, credit card, home loans, technology and operations and other support functions in the year that ended March 31. The cost savings will be fully achieved by the end of 2013, Moynihan said at an investor conference in New York.
Read the complete story at charlotteobserver.com
© 2011 McClatchy-Tribune Information Services
Help us Prepare for Trump’s Day One
Trump is busy getting ready for Day One of his presidency – but so is Truthout.
Trump has made it no secret that he is planning a demolition-style attack on both specific communities and democracy as a whole, beginning on his first day in office. With over 25 executive orders and directives queued up for January 20, he’s promised to “launch the largest deportation program in American history,” roll back anti-discrimination protections for transgender students, and implement a “drill, drill, drill” approach to ramp up oil and gas extraction.
Organizations like Truthout are also being threatened by legislation like HR 9495, the “nonprofit killer bill” that would allow the Treasury Secretary to declare any nonprofit a “terrorist-supporting organization” and strip its tax-exempt status without due process. Progressive media like Truthout that has courageously focused on reporting on Israel’s genocide in Gaza are in the bill’s crosshairs.
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