Bank of America planning more job cuts
A sign for a Bank of America office is pictured in Burbank, California on August 19, 2011. — Reuters picNEW YORK, May 1 — Bank of America Corp is planning to cut up to 400 jobs in its investment banking, corporate banking, and sales and trading units, the Wall Street Journal reported, citing people familiar with the situation.
An expected sale of the bank’s non-US wealth-management operations in Asia, Latin America and Europe would eliminate up to 2,000 jobs, the Journal also said.
Reuters reported on April 17 that Bank of America was looking to sell its wealth management units outside the United States for as much as US$3 billion (RM9.12 billion).
Bank of America declined to comment on the Journal report.
Last spring, the bank announced a cost-cutting programme called Project New BAC that aims to eliminate 30,000 consumer banking and technology jobs over the next few years.
The bank has said it expects to wrap up plans for the second phase of the programme, which focuses on investment banking, commercial banking and related support jobs, in May. The second phase is expected to cut fewer jobs than the first because it covers a smaller, more efficient part of the bank.
At the end of March, Bank of America had about 278,700 employees worldwide. — Reuters
