Bank of America starts first phase of layoffs

Bank of America started the first phase of what is expected to be a massive layoff effort, handing out pink slips to an undisclosed number of employees at its headquarters this past week, according to the Charlotte Business Journal.

The report cited people familiar with the situation as saying layoff notices were circulated in the technology and operations divisions Tuesday afternoon. It's unclear how many employees have lost their jobs. BofA has not responded to requests for comment.

The banking giant had previously said it would eliminate 30,000 jobs companywide. Sources say this is the first of three rounds of planned cuts.

BofA hopes to slash $5 billion in annual expenses by 2013.

Source: Boston Business Journal