BofA Confirms Plan to Lay Off 30,000 Employees

Posted on Sep 11, 2011

Flickr / I-5 Design & Manufacture

This post has been updated from its original version to reflect new information.

Bank of America has confirmed a plan to eliminate 30,000 jobs “over the next few years,” 10,000 fewer than what The Wall Street Journal reported Friday. The layoffs will amount to about 10 percent of the bank’s workforce. —ARK

Dealbook at The New York Times:

Bank of America said in a statement released on Monday that it planned to eliminate 30,000 jobs “over the next few years.”

Such a reduction, representing roughly 10 percent of the bank’s work force, had been expected.

In an appearance at a Barclays conference on Monday, the bank’s chief executive, Brian T. Moynihan, discussed plans for an overhaul that would produce $5 billion in cost savings.

Read more

Previously: Under pressure from unhappy investors, Bank of America’s directors are considering cutting some 40,000 jobs in the first chapter of what looks to be a long-term restructuring effort at the troubled financial giant.

According to the business research company Hoover’s Inc., Bank of America employed 288,000 people in 2010. —ARK

Reuters via Chicago Tribune:

Bank of America Corp. officials have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, the Wall Street Journal said, citing people 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.

... 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.

Read more

More Below the Ad

New and Improved Comments

We are launching a major overhaul of our comments section.

In addition to more robust spam filtering and moderation, new features include the ability to rate other comments, sort how they are displayed and respond directly via e-mail or in a thread.

Unfortunately, commenters will lose their existing Truthdig identities. It's a pain, we know, but on the plus side you will now be able to log in with a plethora of options, including Google, Twitter, Facebook and Disqus accounts.

Before launching this system we spent months in discussion with our top commenters. We listened to the feedback and we hope you like what we've come up with.

Please direct any problems or concerns to us via our contact page.