Bank of America To Slash 30,000 Jobs

Bank of America today said it will eliminate 30,000 jobs over the next few years as part of its plans to reduce $5 billion dollars in costs annually by 2014 under a restructuring exercise.

The restructuring is being carried out under the bank’s cost-cutting ‘Project New BAC’ initiative, aimed at making it “a more focused, leaner and more efficient company” that provides its customers with the “best financial services, generating strong revenues, carefully managing expenses and risks and delivering long-term value for shareholders.”

From: http://ping.fm/UC5HR