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

BAC speeding up plans for total work force reduction of 30K

By InvestorPlace Staff

Bank of America (NYSE:BAC), 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.

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.

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