BofA (BAC) May Look to Cut 3x as Many Jobs as Originally Thought
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Bank of America (NYSE: BAC) may be prepping for more jobs cuts than previously expected.
As CEO Brian Moynihan navigates to return BofA to a glimpse of its former self, job cuts are anticipated to be in the mix. Reports in the past have pegged the number at somewhere close to 10,000, but over the weekend the Charlotte Observer reported company-wide cuts could be as much as 25,000 to 30,000.
The Observer said BofA currently employs about 288,000 globally. Mimicking HSBC Holdings (NYSE: HBC) with a 10 percent workforce reduction would put it closer to the newly anticipated mark. The paper stated BofA has more employees than any large U.S. bank, and about 38,000 more than the more-profitable JPMorgan (NYSE: JPM).
Moynihan launched "Project New BAC" in April in an effort to fatten margins and improve its capital position. Following the announcement of the initiative, BofA said 3,500 positions would be cut .
The job cuts will come over several years, the Observer said, rather than in just one swoop.
As CEO Brian Moynihan navigates to return BofA to a glimpse of its former self, job cuts are anticipated to be in the mix. Reports in the past have pegged the number at somewhere close to 10,000, but over the weekend the Charlotte Observer reported company-wide cuts could be as much as 25,000 to 30,000.
The Observer said BofA currently employs about 288,000 globally. Mimicking HSBC Holdings (NYSE: HBC) with a 10 percent workforce reduction would put it closer to the newly anticipated mark. The paper stated BofA has more employees than any large U.S. bank, and about 38,000 more than the more-profitable JPMorgan (NYSE: JPM).
Moynihan launched "Project New BAC" in April in an effort to fatten margins and improve its capital position. Following the announcement of the initiative, BofA said 3,500 positions would be cut .
The job cuts will come over several years, the Observer said, rather than in just one swoop.
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