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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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well duh.. the people in india work for a dollar a day..
You are exactly "on the money". The great capitalists and executives of this age will be looked back upon as the greatest destroyers of their own nations. It will be their legacy. Globalization has given barely table scraps to the poorest and enriched the already rich. Question is: when will the shooting start?
You are always on here... Do you have a life? Just curious.
no..i live for only cnn blogs...
So...l bailouts don't equal jobs? Well color me surprised. I hope at least a few more people wake up as this develops and notice the man behind the curtain, counting his tax credits. Tighten those belts and work a little harder, working class! These golden parachutes don't pay for themselves!
They will also wotk for peanuts. Give em a small bag of peanuts and they will design and build you a bridge. Well, a bridge that falls in the first time you step on it.
People from india rub doodoo under their arms as a deodorant. Genuine nasty people. Even meaner and more unclean than muslims.
Hey leave ruffie alone and what to heck is it to you anyways
Scientist have determined that the blood of people from India more resembles the juice found in the bottom of a garbage dumpster than actual human blood. That is why we have so much trouble fixing them at hospitals.
We LOVE Ruffie. Just not people from india. They are n a s t y.
Yeah they are mean. And nasty too.
like i said. Just curious
People from India have to be very careful about taking baths or walking in the rain. Since their bodies consist of mud and doodoo they dissolve easily.
whathappens is by-curious. LOL.
Well jeez, color me surprised.
Sacking 30,000 employees with an average yearly salary of $25K could save over $750 million for The Bofia – or roughly 15% of Warren Buffet's $5 billion wad.
The Bofia. Good one.