Bank of America Chief Executive Officer Brian T. Moynihan told his managers this week that they should expect 3,500 job cuts this quarter, with some employees already informed of the firings.
The cuts are in addition to 2,500 reductions made this year, Moynihan said in a memo to staff Thursday. The cuts aren't part of the firm's expense-trimming effort called Project New BAC, according to the document.
Anonymous sources quoted in the Wall Street Journal said that Wilmington's credit card division could be included in upcoming layoffs. Bank of America spokeswoman Betty Riess said the bank does not detail layoffs by line of business or geographic location.
Moynihan is under pressure to reduce spending at the bank, whose market value has plunged by almost half this year, as costs tied to the 2008 takeover of subprime lender Countrywide Financial Corporation mount and revenue shrinks amid signs of a U.S. slowdown. He has booked about $30 billion in charges on housing-related liabilities since taking over at the start of 2010.
1 comment:
Jeepers, I just applied for a credit card thru them.
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