Bank of America, trying to break free from a pile of bad mortgages and a sagging stock price, announced plans to lay off 30,000 employees over the next few years.
In a statement Monday, the bank said its goal is "not a given number of job reductions," but to focus "all of its resources on serving individuals, companies, and institutional investors." The Charlotte, N.C.-based bank, the largest in the U.S. by deposits, said it will cut $5 billion in costs.
"As the decisions are implemented, employment levels in the areas under review during Phase I are expected to be reduced by approximately 30,000 jobs over the next few years," the bank stated. "The company expects that attrition and the elimination of appropriate unfilled roles will be a significant part of the anticipated decrease in jobs…."
Read more at http://abcnews.go.com/Business/bank-america-layoff-30000-workers/story?id=14500577
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