Bank of America Corp (NYSE:BAC) is cutting jobs at its headquarters in Charlotte, N.C.
The Bank of America Corp jobs that are being cut are in the company’s operations and technology division. BAC is starting the layoffs to help it meet financial goals made by CEO Brian Moynihan. The employees being affected by the layoffs are expensive to keep and the cuts will reduce costs.
A Bank of America Corp spokesman has confirmed the layoffs, but hasn’t said how many employees they include. What we do know is that the majority of jobs cuts at taking place at BAC’s headquarters. The company is also still hiring, but the new employees won’t cost it as much as the ones being hit with the layoffs do.
The Bank of America Corp layoffs come as the company takes steps to reduce costs. This includes shutting down some of its data centers and moving the work to other companies. It is also search through its 1,3000 applications to see what it can trim. This will also result in more job cuts, reports Fortune.
Bank of America Corp says that its employees being hit by the layoffs are also welcome to apply for other jobs at the company. It is currently looking hire 600 employees. Those that don’t go this route will have its aid in finding other work. Employees were made known about the current round of layoffs on Tuesday.
BAC stock was largely unaffected by the layoff news and is up 7% year-to-date.
