Bank of America will eliminate 30,000 jobs over the next few years
Bank of America today said it will eliminate 30,000 jobs over the next few years as part of its plans to reduce USD 5 billion dollars in costs annually by 2014 under a restructuring exercise.
The restructuring is being carried out under the bank's cost-cutting 'Project New BAC' initiative, aimed at making it "a more focused, leaner and more efficient company " that provides its customers with the" best financial services, generating strong revenues, carefully managing expenses and risks and delivering long-term value for shareholders."
The first phase of the BAC restructuring involves the bank's consumer banking operations, home loan, technology and support operations.
In the second phase, which begins in October and would continue through March, 2012, other parts of the business, including Bank of America Merrill Lynch, will be reviewed.
As Project New BAC is implemented, "employment levels in the areas under review during Phase I are expected to be reduced by approximately 30,000 jobs over the next few for more details....http://www.indiareport.com/India-usa-uk-news/latest-news/1084243/Business/4/27/4
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