[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
The jobs bill: $450,000,000,000.00 dollars divided by 1,200,000 jobs equals $350,000.00 per job.
I hit the wrong key...It is $375,000.00 per job.
And to think, if the top brass in the company took pay cuts, and deferred dividends for a while, 30,000 people could keep their jobs in this craptastic economy. But forget doing what's best for your employees, only the rich deserve any security in this time of "crisis."
Wow, save 5 billion.! Execs can expect one helluva bonus this year.
Let them work the phones and really work. everyone call with at least 1 stupid question. One time I called and could not understand the telephone operator and politely said I cannot understand you, I am sorry, no offense meant to you, could you please transfer me to someone who speaks better english than you. And the lovely man that was not english as a first language switched me to someone.
Any time I've tried to call, I have to ask to speak to someone in the continental US. It sad that you can't talk to an american anymore. And as they would say over there, Thenk you veddy mooch.
That is just chump change. Chickenfeed.
To Bank of America Home Loans:
Before you lay off all of the workers in your plan, would your please correct the ongoing mismatch in size between your (too-small)payment coupon and your (too large) payment coupon envelope? It is a fact that your mailing address becomes unreadable for the postal worker to read as gravity causes the (too small in height) coupon) to disappear below the address window, and is not able to reappear, causing many a late payment, if the payment gets delkivered at all. That's been happening for my last 5 payments, at least. Please have that corrected by redesign of the coupon,to make it larger or redesign of the envelope to make it smaller. The cost of doing that will eliminate the cost benefit of the layoffs, but it needs to be done, unless you are depending on the late payment revenue that you must be depending on for he last 5 months, because of the obvious mismatch! I'll just keep on "scotch-taping" the coupon in-place at the very top of the envelope.
Good mayby they will stop calling for their credit card payment
bank of america is meeeeean.
I hope them thar bankers dont come after my rig. I got some 18 wheel gear jammin truckin to do.
All credit card payers. the tactic of it not getting to the center is a hoax so they can make money on you, i.e. late payment . If you have a Bank of America in your town you can make the payment at least 2 days before it is due. And then you do not have the hokey pokey goin on.
I see my plan is working well. More unemployed to collect my free unemployed welfare checks. They will all thank me for my foresight and vote for me. 30,000 more votes next year. My plan is working well. Enjoy the free welfare money my fellow Democrates. Vote for me and I will keep the republicans working to support us.
My wealthy friends lay off as many people as you can and make the stock market plumet by sell offs. This will definitely put a kink in Obama numbers and make people feel like he is doing nothing, all the while I can make money and get my buddies back in, so the middle class will pay our way, all the while we take Social Security, benefits, bargaining rights and all they have worked for. HAHAHHHHAAAAA. We will make the middle class pay. Bill O'Reilly and cast will do our bidding, we will tap into every household and now everyones business and we will call it the patriot act, and anyone that doesn't believe will be spied upon.HHHHHHaaaaaaaaaaahhhhhhhhhaaaaaaaaaa Tenant living will be in the row houses and sweat shops will florish again.hahhhaahhhhaaaaaaaaaaaaaaaaaaa
Well said Mr President! I havn't worked in a year and it looks like I won't have to for another year! Thank You!!! You have my vote.
Ok. So this is Obama's fault because?????
So, 30,000 more people to find jobs before the new JOBS BILL is even signed. Yeah, that's going to solve the problem. God help us all. Save your money now ... six months from now could be worse than ever
The wealthy are at war with the middle class.
Since I haven't seen it here yet, and I'm feeling a little giddy, it seems appropriate I quote this: "Dey turk ar jobs!!"
Thank god I don't deal with that bank.
Now that they've been sued and had to pay for fraudulent practices, they need to pay my settlement somehow. I bet the ceo could drop 5 mil back in and *still* make his mortgage payment..