Bank of America Slashing 16K Jobs
Cost-cutting program hitting retail banking hardest
By Rob Quinn, Newser Staff
Posted Sep 20, 2012 4:51 AM CDT
Bank of America was surpassed as the biggest US bank by assets last year by JPMorgan.   (AP Photo/Mark Lennihan, file)

(Newser) – Bank of America is the biggest banking employer in the US, but it has accelerated plans that will see it lose that title to rivals, reports the Wall Street Journal. The bank aims to cut 16,000 jobs by the end of the year, allowing it to reach chief executive Brian Moynihan's target of shedding 30,000 jobs a year ahead of schedule. Most of the cuts will be in retail banking, where the bank plans to axe 200 branches on top of 178 closed last year, but some junior investment bankers will also be getting pink slips.

The cuts—part of a program called Project New BAC aimed at cutting $8 billion in costs by 2015—will bring the bank's head count down to its lowest level since 2008, when it bought Countrywide Financial and Merrill Lynch. But whoever is wielding the axe will want to keep plenty of IT workers on hand: The bank's website suffered outages earlier this week after a group calling itself the "cyberfighters of Izz ad-din Al qassam" threatened to attack the bank to protest the film mocking Mohammed that has caused riots across the Middle East, reports Reuters.

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Showing 3 of 45 comments
Tology
Sep 20, 2012 11:27 AM CDT
Sounds like a plan to keep people from withdrawing their money.
Rattdog
Sep 20, 2012 7:43 AM CDT
Yep !! Obama is getting her done, job loss seems to be his best quality, I live in Montana and we are losing a 135 megawatt coal fire power plant in Billings, Montana because of Obama's bullshit EPA requirements. It will cost PPL Montana 38 million to upgrade to the new EPA requirements. What the hell, it's only 35 good paying jobs at the plant and a few more at nearby mine. Yep! we need four more years of this idiot.
Buckshot
Sep 20, 2012 7:42 AM CDT
While the right wing nuts blame Obama for everything they forget who's really done the damage to America the Bankers. Bring back Glass/Siegel it worked for over 60 years perfectly. Then and only then will our banking problems with the "Greed Masters" be over. Get a clue chuimps?