BofA to Lay Off 16,000 Before Year’s End

by InvestorPlace Staff | September 20, 2012 10:47 am

Bank of America (NYSE:BAC[1]), the country’s second-largest bank by assets, apparently is speeding up the clock on a previously announced plan to reduce its work force by 30,000, according to a Wall Street Journal report[2].

The company now plans to lay off roughly 16,000 workers by the end of the year, with many of the jobs coming in consumer banking and mortgage services. A document given to upper management also says the company plans on closing 200 branches this year, the WSJ reports.

The work force reduction is part of a larger restructuring effort known as Project New BAC, which was unveiled by CEO Brian Moynihan last year. Through Project New BAC, the company also expects to divest non-core assets and thin its managerial herd. Bank of America expects the plan can save the company roughly $8 billion by 2015.

BAC shares were down more than 1% in early Thursday trading.

Source URL: https://investorplace.com/2012/09/bofa-to-lay-off-16000-before-years-end/

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