make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Bank of America will cut 30,000 jobs

READ MORE:

CHARLOTTE, NC (AP) -- Bank of America says it will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year.

The troubled bank says it expects many of the cuts will come through attrition and eliminating unfilled positions.

The company says the number of job cuts isn't fixed, but that it expects they will total 30,000.

The Charlotte bank's stock has lost 47 percent this year, largely over problems related to poorly-written mortgages it acquired with its 2008 purchase of Countrywide Financial Corp.

The job cuts are part of the first phase of a cost-cutting program the bank calls "Project New BAC." It hopes to achieve the $5 billion in annual cost savings by 2014.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.

»