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WSJ: Bank of America Planning to Cut 400 More Jobs

Tuesday, 01 May 2012 09:08 AM

Bank of America 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-U.S. wealth-management operations in Asia, Latin America, and Europe would eliminate up to 2,000 jobs, the Journal reported.

Reuters reported on April 17 that Bank of America was looking to sell its wealth-management units outside the U.S. for as much as $3 billion.

Bank of America declined to comment on the Journal report.

Last spring, the bank announced a cost-cutting program 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 program, 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.

© 2018 Thomson/Reuters. All rights reserved.

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Tuesday, 01 May 2012 09:08 AM
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