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. 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
soundoff (56 Responses)
  1. slider

    The jobs bill: $450,000,000,000.00 dollars divided by 1,200,000 jobs equals $350,000.00 per job.

    September 12, 2011 at 12:59 pm | Report abuse |
    • slider

      I hit the wrong key...It is $375,000.00 per job.

      September 12, 2011 at 1:02 pm | Report abuse |
  2. And to think

    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."

    September 12, 2011 at 1:01 pm | Report abuse |
  3. bobcat2u

    Wow, save 5 billion.! Execs can expect one helluva bonus this year.

    September 12, 2011 at 1:23 pm | Report abuse |
    • Scottish Mama

      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.

      September 12, 2011 at 2:17 pm | Report abuse |
    • bobcat2u

      Yeah Mama,
      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.

      September 12, 2011 at 2:44 pm | Report abuse |
  4. B Anigbogu

    That is just chump change. Chickenfeed.

    September 12, 2011 at 1:33 pm | Report abuse |
  5. John Frakie

    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.

    September 12, 2011 at 1:36 pm | Report abuse |
  6. gung hoe

    Good mayby they will stop calling for their credit card payment

    September 12, 2011 at 1:41 pm | Report abuse |
  7. wooohoooo ! :)

    bank of america is meeeeean.

    September 12, 2011 at 1:51 pm | Report abuse |

    I hope them thar bankers dont come after my rig. I got some 18 wheel gear jammin truckin to do.

    September 12, 2011 at 2:04 pm | Report abuse |
  9. Scottish Mama

    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.

    September 12, 2011 at 2:05 pm | Report abuse |
  10. The President

    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.

    September 12, 2011 at 2:21 pm | Report abuse |
    • GOP

      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

      September 12, 2011 at 2:36 pm | Report abuse |
    • Joe Unionworker

      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.

      September 12, 2011 at 4:01 pm | Report abuse |
  11. Jimbo

    Ok. So this is Obama's fault because?????

    September 12, 2011 at 3:10 pm | Report abuse |
  12. trouble continues

    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

    September 12, 2011 at 3:26 pm | Report abuse |
    • Scottish Mama

      The wealthy are at war with the middle class.

      September 12, 2011 at 4:12 pm | Report abuse |
  13. Jordan scene©

    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!!"

    September 12, 2011 at 4:19 pm | Report abuse |
  14. Karla

    Thank god I don't deal with that bank.

    September 12, 2011 at 4:50 pm | Report abuse |
  15. leeintulsa

    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..

    September 12, 2011 at 5:12 pm | Report abuse |
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