13 Sep '11, 12am

Bank of America to slash 30,000 jobs to cut costs, restore investor confidence

Bank of America to slash 30,000 jobs to cut costs, restore investor confidence

Bank of America is slashing 30,000 jobs as part of an effort to reverse a crisis of confidence among investors. -- PHOTO: AP NEW YORK (AP) - Bank of America is slashing 30,000 jobs as part of an effort to reverse a crisis of confidence among investors. It's the largest single job reduction by a US company this year. What CEO Brian Moynihan is trying to do is nothing less than save the nation's largest bank. Investors have cut the bank's market value by half this year. The bank is facing huge liabilities over soured mortgage investments and concerns over whether it has enough capital to withstand more financial shocks. The cuts, which affect Bank of America's consumer businesses, represent 10 per cent of the Charlotte, North Carolina, bank's work force. The bank said it hopes the cuts and other measures will result in US$5 billion (S$6.2 billion) in annual savings by 2014. ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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