After announcing a program aimed at cutting $5 billion from its annual expense by 2013 earlier today, Bank of America CEO Brian Moynihan announced that the bank was cutting 30,000 jobs, roughly 10% of its work force, ‘over the next few years.’ The statement was released after an appearance by Moynihan at a Barclays conference where the executive discussed plans for the overhaul but did not make any reference to job cuts. Instead, he focused on squeezing savings from merging legacy data centers, deposit systems and other assets the bank had acquired over the years.
While the statement did not provide specifics on where jobs may be cut, the bank did state that it ‘expects that attrition and the elimination of appropriate unfilled roles will be a significant part of the anticipated decrease in jobs.’ The news follows on the heels of similar announcements from other large banks. Wells Fargo, Bank of New York Mellon, Morgan Stanley and Goldman Sachs have also begun reductions in their work forces.
