Bank of America to slash 30,000 jobs
As a part of “Project New BAC”, a broad restructuring plan, Bank of America will slash 30,000 jobs over the next few years and will also slash annual expenses by $5 billion by 2014. At present, Bank of America has annual expenses of roughly $73 billion, excluding interest expenses. The staff reductions amount to more than 10 percent of the bank's workforce. By implementing the decisions from Project New BAC, the bank intends to become a more focused, leaner, and more efficient.
As a part of “Project New BAC”, a broad restructuring plan, Bank of America will slash 30,000 jobs over the next few years and will also slash annual expenses by $5 billion by 2014. At present, Bank of America has annual expenses of roughly $73 billion, excluding interest expenses. The staff reductions amount to more than 10 percent of the bank's workforce. By implementing the decisions from Project New BAC, the bank intends to become a more focused, leaner, and more efficient.
The bank's initial focus is on cutting costs in the consumer bank through measures like combining data centers. The expense reduction project will then shift its focus institutional and corporate businesses like investment banking.
