WSJ: Bank of America to cut up to 10,000 jobs

August 19th, 2011 - 7:21 pm ICT by BNO News  

CHARLOTTE, NORTH CAROLINA (BNO NEWS) — Bank of America Corp. is cutting at least 3,500 jobs by the end of next month as part of a major restructuring effort which could see as many as 10,000 job cuts, the Wall Street Journal reported on Friday.

The report, citing people familiar with the situation, said the 3,500 positions to be cut this quarter are spread across the bank, including investment banking and trading. It said some employees have already been notified.

But thousands more could be laid off at the Unites States’ largest bank by assets as part of an aggressive and major restructuring plan. Executives at the bank are still discussing the total number of job cuts, but one source told the newspaper that at least 10,000 jobs are likely to be eliminated.

Brian Moynihan, CEO of Bank of America, is seeking to reduce the bank’s expenses by as much as $1.5 billion per quarter. “I know it is tough to have to manage through reductions,” Moynihan said in a memo to top managers on Thursday night, according to the Journal. “But we owe it to our customers and our shareholders to remain competitive, efficient and manage our expenses carefully.”

The Bank of America, which was founded in 1904 and has relationships with nearly all U.S. Fortune 500 companies, did not immediately comment on the report. The Wall Street Journal said a final decision about the number of job cuts is not expected until early next month.

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