Aims to save $5B per year
(AP) - 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. More»
