BofA to Lay Off 16,000 Before Year's End | InvestorPlace
Bank of America (NYSE:BAC),
the country’s second-largest bank by assets, apparently is speeding up
the clock on a previously announced plan to reduce its work force by
30,000, according to a Wall Street Journal report.
The company now plans to lay off roughly 16,000 workers by the end of
the year, with many of the jobs coming in consumer banking and mortgage
services. A document given to upper management also says the company
plans on closing 200 branches this year, the WSJ reports.
The work force reduction is part of a larger restructuring effort
known as Project New BAC, which was unveiled by CEO Brian Moynihan last
year. Through Project New BAC, the company also expects to divest
non-core assets and thin its managerial herd. Bank of America expects
the plan can save the company roughly $8 billion by 2015.
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