12 Sep '11, 4pm

Bank of America to cut 30,000 jobs

NEW YORK: Bank of America said on Monday it would cut around 30,000 jobs as part of a sweeping plan to slash $5 billion in costs and restore investor confidence in the beleaguered US banking giant. The job cuts, which represent just over 10 percent of BofA's workforce, will be carried out "over the next few years", the bank said in a statement. Notably, the announcement came the same morning that US President Barack Obama demanded that Congress pass his $447 billion jobs bill, aimed at reducing the country's stubbornly high 9.1 percent unemployment rate. The elimination of 30,000 jobs at Bank of America was the largest layoff announcement by a US employer this year, according to Challenger, Gray & Christmas, a consultancy that tracks the US labour market. Bank of America said the layoffs would help it cut $5 billion in annual expenses by 2014 as part of "Project New BAC", ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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