After announcing a program aimed at cutting $5 billion from its annual expense by 2013 earlier today, Bank of America CEO Brian Moynihan announced that the bank was cutting 30,000 jobs, roughly 10% of its work force, ‘over the next few years.’ The statement was released after an appearance by Moynihan at a Barclays conference where the executive discussed plans for the overhaul but did not make any reference to job cuts. Instead, he focused on squeezing savings from merging legacy data centers, deposit systems and other assets the bank had acquired over the years.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=147467