Bank of America Confirms 30,000 Layoffs
Bank of America announced Monday morning plans to lay off 30,000 employees over the next few years. The largest bank in the country, Bank of America has battled a plummeting stock price and a pile of bad mortgages.
In a statement, the bank said its goal is "not a given number of job reductions," but to focus "all of its resources on serving individuals, companies, and institutional investors."
The Charlotte, N.C.-based bank said it will cut $5 billion in costs.
"As the decisions are implemented, employment levels in the areas under review during Phase I are expected to be reduced by approximately 30,000 jobs over the next few years," the bank stated. "The company expects that attrition and the elimination of appropriate unfilled roles will be a significant part of the anticipated decrease in jobs."
Paul Miller, managing director, FBR Capital Markets & Co. said he and other analysts expected the announcement today about the layoffs, though the layoffs were slightly more than expected.
"The release is really about nothing. We knew they were shrinking the balance sheet and cutting costs," Miller said. "Today, there is just an exact plan."