Report: Bank of America job cuts may hit 40,000
Boston Business Journal by Tim McLaughlin
Date: Friday, September 9, 2011, 7:00am EDT
BAC reeling from concerns over the size of its liability from troubled mortgages, has discussed cutting up to 40,000 jobs over several years as CEO Brian Moynihan battles to reduce expenses with a sweeping restructuring plan.
The bank employed about 288,000 full-time employees at the end of June. “Project New BAC” is the name of the bank’s plan to cut expenses and people, the Journal said.
Next week, all eyes will be on Moynihan when he is scheduled to speak at the Barclays Capital 2011 Global Financial Services Conference in New York. In recent weeks, the reported job cuts at Bank of America have continued to escalate, from 10,000 to the latest discussed figure of 40,000.