09 Sep '11, 3am

Bank of America could axe 40,000 staff in bid to cut costs, claim sources

NEW YORK - Bank of America (BofA) officials have discussed slashing roughly 40,000 jobs during its first wave of a restructuring, the Wall Street Journal said, citing sources familiar with the plans. The number of job cuts are not final and could change. The restructuring aims to reduce the bank's workforce of 280,000 over a period of years, the Journal said. BofA could not immediately be reached for comment by Reuters outside regular US business hours. The Journal said BofA executives met yesterday at Charlotte, North Carolina, where the bank is headquartered, and will gather again today to make final decisions on the reductions, putting the finishing touches on five months of work. Investors are pressing BofA to improve its performance after it lost money in four of the last six quarters and its stock has fallen by half this year. The Journal said the proposed job cuts m...

Full article: http://www.todayonline.com/Business/EDC110909-0000794/Ban...

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