Bank of America to shed 30,000 jobs over next few years

Bank of America Corp plans to shed around 30,000 jobs over the next few years as part of a plan to save $5 billion a year in costs and restore investor confidence. A significant part of this will, however, come from attrition and elimination of unfilled roles, Bank of America said in a statement today.

While the goal in not the reduction of a certain number of jobs, the beleaguered bank said, as the decisions of the New BOC project are implemented, employment levels in the areas under review during Phase I are expected to be reduced by approximately 30,000 jobs over the next few years.

However, attrition and elimination of appropriate unfilled roles will account for a significant part of the anticipated decrease in jobs.

Under its New BOC project, Bank of America will focus on all of its resources while serving individuals, companies, and institutional investors.

Under the New BOC strategy, Bank of America recently announced a management reorganisation, involving removal of a layer of management and streamlining the company by aligning its businesses with the customer groups.

This represented savings of more than 18 per cent of Bank of America's current annual costs.