CHARLOTTE, N.C. (AP) — Bank of America says it will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year.
The troubled bank says it expects many of the cuts will come through attrition and eliminating unfilled positions.
The company says the number of job cuts isn't fixed, but that it expects they will total 30,000.
The Charlotte, N.C. bank's stock has lost 47 percent this year, largely over problems related to poorly-written mortgages it acquired with its 2008 purchase of Countrywide Financial Corp.
The job cuts are part of the first phase of a cost-cutting program the bank calls "Project New BAC." It hopes to achieve the $5 billion in annual cost savings by 2014.
(Copyright 2011, The Associated Press)
Have information or an opinion about this story? Click here to contact the newsroom.
Copyright WRDW-TV News 12. All rights reserved. This material may not be republished without express written permission.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.