Bank of America plans to cut 30,000 jobs
September 12th, 2011
11:43 AM ET

Bank of America plans to cut 30,000 jobs

[Updated at 11:43 a.m.] Bank of America said Monday that it plans to eliminate 30,000 jobs as part of 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. Moynihan made no mention of layoffs during his presentation.

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 consumer 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.

The move, part of an ongoing reorganization that BofA launched last year called the "Project New BAC," will play out over the next few years.

[Posted at 11:17 a.m.] Bank of America expects to cut 30,000 jobs in the 'next few years' as it moves to refocus its banking business.

This story is developing. CNNMoney.com is digging into the story and we'll bring you the latest details and information as soon as we get them.

FULL CNNMONEY.COM STORY
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Filed under: Business • Economy • Jobs
soundoff (56 Responses)
  1. George Patton

    Another casualty of the so-called "War on Terrorism". It seems that the Bank of America is taking an even harder hit than Al Qaeda itself!!! Except for the right-wing thugs who are currently running things in Washington, the Republicans and the Tea Partiers, we're all going to lose out in the end!!!

    September 12, 2011 at 5:43 pm | Report abuse |
    • George Patton

      Sorry folks, I forgot to mention the Wall Street CEO's too.

      September 12, 2011 at 5:46 pm | Report abuse |
  2. orangey

    YAAAAAAY Jordan Scene ! LOL : ) : ) my new official name is orangey. im not trolling anymore. im orangey. that is a nice color.

    September 12, 2011 at 6:14 pm | Report abuse |
  3. Mmmmm

    I wonder how many in this group thought it was a grand idea to say off with the postal workers heads?

    September 12, 2011 at 6:42 pm | Report abuse |
  4. John

    Is this not the same BofA that was handing out credit cards to illegals? If you work for a company that dumb well here's your sign. You should have bailed on that company long before you got your layoff notice. You deserve to be unemployed! http://www.snopes.com/politics/immigration/bankofamerica.asp

    September 12, 2011 at 7:08 pm | Report abuse |
  5. James

    @John Frakie. Use a different envelope silly, or just go down to your local branch and make the payment there, or pay online. As a last resort pay over the phone.

    September 12, 2011 at 7:27 pm | Report abuse |
  6. DJ

    No Job in America is ssafe

    September 12, 2011 at 7:28 pm | Report abuse |
  7. Mmmmm

    Really it's not about us as in jobs as it is about us in also footing another corporate bill and footing its corporate bailout...this company has off-load its liability to the taxpayers. The community/state foots the loss of taxes and services, faith-based initiatives and food banks are drained, welfare assistance, food stamps must be issued, homelessness, another family without health benefits but we will ultimately financed. Everytime there's a layoff...we the taxpayers foot that bill. You taxpayers should be mad as hell that these coporate dogs left town with the community to pickup the pieces and to foot the bill. There should be a tax penalty for this 5 billion savings especially since it will be at the expense of the state and the American people...

    September 12, 2011 at 7:46 pm | Report abuse |
    • Mmmmm

      these same principles operate when pay the worker minimum wage and part-time with no benefits their salary is below the federal poverty line...WE FOOT THAT BILL...while they make billions in profits their workers get foodstamps, HUD housing, family assistance for health benefits, etc...WHAT ABOUT THAT BIG CORPORATE AMERICA?

      September 12, 2011 at 7:57 pm | Report abuse |
  8. Mmmmm

    CORPORATE REPUBLICAN DOGS SUCKKKKKKKKS!

    September 12, 2011 at 7:59 pm | Report abuse |
  9. the prophet

    Geis how are you sorry I was out for a few days just got out of jail, about bank of America perhaps would they like a bail out special fir 30,000 jobs?

    September 12, 2011 at 10:18 pm | Report abuse |
  10. WOT

    Scottish mama, this is the USA, we do not have a cast system! You are either rich or poor in the country! The rich lay up their riches for the poor, for when they(rich) die the government gives it to the poor as it should be any way! Most wealth is ill gotten from the start(stolen,taken,robed,scam,hook winked,carpet bag, skalawaged, and so on!

    September 12, 2011 at 11:27 pm | Report abuse |
  11. the prophet

    I agree wealth doesn't come cheap in America, these 30,000 jobs Bank of America plans to destroy are they as a result of no new mortgage slow down  performance, or perhaps a result of  many foreclosures in the pipeline?  In my opinion  think it's is in retaliation to the Federal Reserve law suit started 2 weeks ago to recuperate the lossess of 2008 mortgage melt down. talk about schemers!!  The government intervention paid off all the mortgages registered with MERS. mortgages were securitized bundled together by thousands  and sold to investors on wall street in a double-dip scheme if you will. lenders issued loans got reinbursed from Federal freddy &finney to make new loans, securitized the very same loans sold back to Federal, bundled them by thousands and sold them to investors and got paid also. Lenders filed for BK protection, people started to default on Mortgages investors started to foreclosure on these properties by the thousands so people started their BK protection. When in court many investors whom on paper said the owned the mortgage could not proof they owned the note. So robo signing started real fast by investors in the form of Mortgage Assignments to push the foreclosure through. Judges were not knowledgeable  yet of defects associated with these assignments therefore,thousands of properties were signed off by courts. The bottom line here is if MERS is anywhere in your mortgage. Your mortgage is probably paid for by your Government bail out. So you ask who then owns your mortgage? The answer is your Government, but they can't proof it either, so you own a house free and clear  after-all this is America, and the  people too once in a while get bailed out too!!! GOD bless America. 

    September 13, 2011 at 7:39 am | Report abuse |
  12. s kel

    Harr dee har har, That so called right wing humor of "The President" & " Joe the Union Worker" is soooo weak, sad, extreamly not clever or remotley funny is even more so when one looked at or tried to stomach looking at the tea bag debate last night on CNN. No plans except making the rich richer and starting up that time machine to set this country to the tea baggers version of " the good ol days ". Damn what stupid narrow minded people they are.

    September 13, 2011 at 9:26 am | Report abuse |
  13. Mark L.

    "...Bank of America said Monday that it plans to eliminate 30,000 jobs as part of plan to save $5 billion...."...Could've summed this up in two words, "CAPITALISTIC GREED..."

    September 13, 2011 at 9:26 am | Report abuse |
    • George Patton

      Thank you, Mark. That also explains the very reason that we're in Iraq, Yemen, Afghanistan and Pakistan, fighting these obnoxious wars!

      September 13, 2011 at 10:24 am | Report abuse |
  14. Bank activities

    Greetings to the author. Cool article about banks and banking activities. Learned a lot of new and interesting things. A lot of interesting facts in the article and references. Continue the same way. 'll Be sure to read your articles in the future. Bye.

    September 16, 2011 at 10:34 am | Report abuse |
  15. reunificacion de prestamos personales

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    April 1, 2012 at 11:40 pm | Report abuse |
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