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Report: Bank of America plans 16,000 layoffs

Posted September 20, 2012

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— Bank of America could be cutting its labor force by as many as 16,000 before the end of this year.

So reported the Wall Street Journal on Thursday.

The initial report about the job cuts appeared on the Journal's website late Wednesday night.

"Bank of America is accelerating a broad cost-cutting plan and has set a target of shedding 16,000 jobs by year's end," the Journal said.

Bank of America is based in Charlotte.

Reuters reported that such large cuts would "put the second-largest U.S. bank a year ahead of schedule in eliminating 30,000 jobs under a program called Project New BAC."

BAC is the bank's stock ticker symbol. 

Bank of America Chief Executive Officer Brian Moynihan has been streamlining the bank since he took over as CEO two years ago.

CBS News reported Thursday morning that Project New BAC has two phases.

"The first phase is anticipated to result in $5 billion in annual savings while the second phase is expected to bring about $3 billion in annual savings," CBS said. "The second phase is expected to concentrate on the company's commercial bank, investment bank and wealth management."

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  • Danny22 Sep 21, 2012

    and 1200 coal miners. Ain't obamanomics great.

  • beachbum1 Sep 21, 2012

    Bet the vast majority of the layoffs will be the average Joe workers not the high 5 or 6 figures. If they'd stop giving HUGE bonus's to those then maybe the lower income employees would be able to keep their jobs.

  • Country Girlz Have MORE fun Sep 21, 2012

    Soooo from the comments below I gather...Ironic...That the Bank of America is out sourcing American jobs to another country NOW of all times? Hmmmm...

  • WooHoo2You Sep 21, 2012

    No joke...what IS Nomobamas "fault" is the fact almost NONE of the fat banks and bankers that did created the fraudulent and illegal loans that ultimately brought down the US economy and destroyed small businesses are in jail...OR even prosecuted...- SmokeWagon

    How is it Obama’s fault that people were not prosecuted for things that are not technically illegal?!? (And no, saying “illegal loans” does not make them so)

  • OGE Sep 21, 2012

    The name of this company and what they represent is definitely not American. I would NEVER bank there! I'd hide my $ in my matress before going there.

    Though I'm sure this ia Obamas fault right?!?!

  • AX MAN Sep 21, 2012

    This is all due to poor management. Probably a democratic management. Oh boy....lets move forward....into NOTHING !!

  • TeresaBee Sep 21, 2012

    Well it is a good thing they could get unemployment and food stamps to help them out. I wonder how many of those laid off will be republicans?

  • Ex-Republican Sep 20, 2012

    FORWARD!

  • workingforthosethatwont Sep 20, 2012

    I don't and won't support a one bank system for the world anyway. That's what boa wanted. good riddance but sorry for the employees, blame the times and the administration. good bye all of you.

  • SmokeWagon Sep 20, 2012

    ..."This is not about the economy so this isn't "Obama's fault"..."

    No joke...what IS Nomobamas "fault" is the fact almost NONE of the fat banks and bankers that did created the fraudulent and illegal loans that ultimately brought down the US economy and destroyed small businesses are in jail...OR even prosecuted...THAT IS THE CRIME HERE..!!!!..and yes Nomobama and his "justice" dpt ARE DIRECTLY responsible for that...!!!

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