Bank of America planning 16k job cuts

21 September 2012

Bank of America (BOA) is planning to implement 16,000 redundancies before the end of 2012, it has emerged.

According to the Wall Street Journal, the major US financier is looking to impose these job cuts as it seeks to speed up the process of cost-cutting amid continually falling revenues.

This round of redundancies would mean the company is a year ahead of schedule on its programme, under which it is planning to reduce the size of its workforce by 30,000.

The news source has learned of these proposals after obtaining a document issued to the firm's senior management team and BOA also plans on cutting some $5 billion from its annual spending by the end of 2013.

Furthermore, its Project New BAC scheme also includes provisions to eliminate another $3 billion from its spending by the middle of 2015 through making spending cuts in its capital markets, wealth management and commercial banking areas.

By Asim Shah

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