News In Brief

BofA to cut 30,000 jobs

Matt Berger Sep 12, 2011

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.

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