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.

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Filed under: Business • Economy • Jobs