More layoffs at Bank of America


Bank of America CEO Brian Moynihan said Tuesday that an an expected “reduction in head-count on a corporate-wide basis has begun.”

Bank of America is among the biggest employers in the state’s financial services agency, with about 7,000 workers in Massachusetts as of last spring.

The Charlotte, N.C., based financial services giant is dealing with cost-savings that are possible following the addition of 200,000 people during six mergers over the past five years, Moynihan said at a Goldman Sachs    U.S. Financial Services Conference in New York.

Worldwide, Bank of America had 290,509 employees as of Sept. 30, 2011, according to a regulatory filing. The bank wants to shave $5 billion in annual costs within several years.

Moynihan said that overall, Bank of America has “less complexity, less risk, and more transparency” than it did a few years ago.

That “serves us well, as we look forward to the times ahead, which continue to improve slowly,” he said.

Source: Biz Journals