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Friday, September 9, 2011

Bank of America mulls 40,000 job cuts: WSJ

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 over a period of years, the Journal said.

The newspaper said BofA executives met Thursday in Charlotte and will gather again Friday to make final decisions on the reductions, putting the finishing touches on five months of work.

Bank of America could not immediately be reached for comment by Reuters outside regular US business hours.

Banks are shedding jobs worldwide as stricter regulations and a tough second quarter for trading income take their toll on investment banking units in particular.

Source: Business Standard


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