Bank of America (BAC) Confirms 30K Jobs Cuts During First Part of "New BAC" Plan
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Price: $37.91 --0%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 2.8%
Revenue Growth %: -1.9%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 2.8%
Revenue Growth %: -1.9%
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Bank of America (NYSE: BAC) confirmed today that is will be cutting approximately 30,000 jobs over the next few years as part of Phase I of "Project New BAC."
Phase I is expected to lead to net expense reductions of $5 billion per year by 2014, the company said.
Besides the job cuts, other parts of the company's Phase I plan have included the recently announced management reorganization. Also, the company continues to sell non-core business units and assets that don't support its strategy.
The company's Phase II part of the plan is scheduled to begin in October and continue through March 2012.
Phase I is expected to lead to net expense reductions of $5 billion per year by 2014, the company said.
Besides the job cuts, other parts of the company's Phase I plan have included the recently announced management reorganization. Also, the company continues to sell non-core business units and assets that don't support its strategy.
The company's Phase II part of the plan is scheduled to begin in October and continue through March 2012.
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