BOSTON (CBS) – Bank of America Corp. on Monday confirmed it plans to reduce employment levels by about 30,000 over the next few years as it works to slash expenses and build up capital.
The company, which employed about 288,000 at the end of June, said it expects that attrition and the elimination of unfilled roles will be a big part of the anticipated decrease in jobs.
Lisa van der Pool of the Boston Business Journal reports
The plan calls for reducing net expenses by $5 billion per year by 2014.
That’s on a baseline of $27 billion in annual expenses for the areas the bank reviewed.