As part of an effort to cut expenses by $5 billion a year over the next two years, U.S. banking giant Bank of America confirmed today that it will cut 30,000 positions from its workforce.
The announcement is 10,000 jobs fewer than rumored last week, but on track to be the largest mass layoff announcement by a U.S.-based employer so far this year, according to Challenger, Gray & Christmas.
Bank of America said in its press release that the job cuts will take place “over the next few years,” and some will occur through “attrition and the elimination of unfilled roles.”
The move comes a week after BofA announced it was “removing a layer of management,” what Marketplace New York Bureau Chief Heidi N. Moore dubbed “executive-level exfoliation.”
The news was announced today by BofA chief executive, Brian T. Moynihan, during a financial conference in New York.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
