The Washington Post

Bank of America to cut 30,000 jobs


“We don’t have to be the biggest company out there, we have to be the best,” chief executive Brian Moynihan said Monday during a speech at an investor’s conference in New York. “We can get out of things we don’t need to do, make the company leaner, more straightforward, more drive,.” he said, according to a Bloomberg report.

The bank’s stock held steady after Moynihan’s speech, ticking up 0.01 percent to $6.99 per share around 1 p.m.

Bank of America has already had two rounds of job cuts in 2011, though numbers of layoffs were significantly smaller. In August, the firm said it planned to lay off 3,500 workers after axing 2,500 positions earlier this year.

The job cuts are part of an effort the bank has dubbed “Project New BAC,” which aims to fortify and simplify the company as it struggles under the weight of billions of dollars of toxic mortgages.

The changes will affect rank-and-file employees and some executives. Late last month, Bank of America announced that two of its top executives were departing and that two others were being promoted to serve as co-chief operating officers.

Moynihan said Monday that the project’s first phase concentrated on consumer banking, home loans and technology. The next phase, to begin in October, will look closely at the bank’s other businesses and operations, he said.

Sarah Halzack is The Washington Post's national retail reporter. She has previously covered the local job market and the business of talent and hiring. She has also served as a Web producer for business and economic news.

The Freddie Gray case

Please provide a valid email address.

You’re all set!

Campaign 2016 Email Updates

Please provide a valid email address.

You’re all set!

Get Zika news by email

Please provide a valid email address.

You’re all set!
Show Comments
Most Read

Success! Check your inbox for details.

See all newsletters

Close video player
Now Playing