Monday, September 12, 2011

BofA to Slash 30,000 Jobs in Cost-Cutting Plan

The recovery continues. Bloomberg says:
Bank of America Corp. (BAC), the biggest U.S. lender by assets, will eliminate 30,000 jobs in the next few years as part of Chief Executive Officer Brian T. Moynihan’s plan to bolster profit and the company’s stock...

...Those are part of Project New BAC’s first phase, which focuses on consumer banking, credit cards, home loans and technology, Moynihan said. The second phase will begin in October and continue until April, covering institutional services such as global markets, commercial banking and corporate banking, according to the investor presentation.

The "first phase." Presumably, much of what's left for people to do after the economy goes retrograde can be outsourced or taught to a computer.


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