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BREAKING: Bank of America expects to cut 30,000 jobs in “next few years.”

BREAKING: Bank of America expects to cut 30,000 jobs in “next few years.”


CNN-

Bank of America said Monday that it plans to eliminate 30,000 jobs as part of a plan to save $5 billion.

The announcement came after Chief Executive Brian Moynihan outlined the bank’s strategy at an investor conference in New York.

BofA has already disclosed plans to eliminate a total of 6,000 jobs this year. And it recently announced a management shakeup that effectively will split the bank into two units: one serving consumers and one serving commercial clients.

The bank said it expects a “significant portion” of the reduction in headcount to occur through attrition and the elimination of unfilled positions. BofA had a total of 287,000 employees as of June 30.

[CNN]

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Bank of America officials have discussed eliminating roughly 40,000 positions -WSJ

Bank of America officials have discussed eliminating roughly 40,000 positions -WSJ


Bank of America Corp. officials have discussed eliminating roughly 40,000 positions during the first wave of a restructuring that Chief Executive Brian Moynihan is expected to discuss Monday, said people familiar with the plans.

WSJ-

The numbers aren’t final and could change. The restructuring would reduce the bank’s work force over a period of years. In fact, Mr. Moynihan may not discuss a job-cut number during next week’s presentation at the Barclays Capital 2011 Global Financial Services Conference in New York.

He could choose instead to outline the bank’s expected savings, after telling investors last month that he aims to reduce …

[THE WALL STREET JOURNAL]

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