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BofA Clarifies Planned Layoffs

Statement explains impact of Project New BAC

Sept. 12, 2011

By staff

With reports circulating that layoffs at Bank of America Corp. will climb to 40,000, the company has decided to clarify its intentions.

A week ago, sources inside the bank were cited in estimates that layoffs could reach 30,000.

This past weekend, the number swelled to 40,000.

The speculation came as the Charlotte, N.C.-based bank implements its Project New BAC, which it calls "key to the company's strategy of focusing all of its resources on serving individuals, companies, and institutional investors."

As part of its overhaul, the bank announced a restructuring of its senior management last week -- eliminating an entire layer of management.

In a statement Monday, BofA said that it is nearing the end of the first phase of a comprehensive review of its consumer businesses and support functions. The decisions made in phase one are expected to lead to the elimination of 30,000 jobs during the next few years.

A spokesman was unable to provide details about impacted mortgage employees.

Many of the jobs are expected to be eliminated through attrition and the elimination of open positions.

After all is said and done, the first phase is expected to cut $5 billion in expenses a year.

A second phase is expected to begin next month and will include a review of non-consumer businesses.

Bank of America profile

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