Bank of America to Cut 30K Jobs

Aims to save $5B per year
By Newser Editors and Wire Services
Posted Sep 12, 2011 11:15 AM CDT
Bank of America to Cut 30K Jobs
A man uses an automated teller machine (ATM) in front of a branch of Bank of America in Hollywood, California on August 23, 2011. Disappointment that Bank of America would not jettison its entire $17 billion stake in a major Chinese bank in order to boost its own capital has sent its shares tumbling...   (Getty Images)

The rumored cuts ranged from 10,000 to 40,000 jobs. The reality is somewhere on the upper end: 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 expects many of the cuts will come through attrition and eliminating unfilled positions, and notes that while the number of job cuts isn't fixed, it anticipates they will total 30,000. It hopes to achieve the $5 billion in annual cost savings by 2014. (Read more Bank of America stories.)

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