Bank Of America Confirms 30,000 Jobs To Be Cut In Coming Years

Only a few days after a report that Bank of America could be looking to axe upward of 40,000 employees in the next few years, the bank has released a statement today that gives the actual number of positions to be eliminated as 30,000.

The staff reductions, for which no specific timeline was given, are a part of BofA’s massive restructuring plan, in which the nation’s largest bank attempts to dig out from the billions in damages it has incurred from its decision to purchase Countrywide Financial and all of Countrywide’s toxic loans.

From the BofA statement:

Bank of America’s goal is not a given number of job reductions, but rather implementation of New BAC decisions. As the decisions are implemented, employment levels in the areas under review during Phase I are expected to be reduced by approximately 30,000 jobs over the next few years. The company expects that attrition and the elimination of appropriate unfilled roles will be a significant part of the anticipated decrease in jobs.

Even with the reduction of its staff by 30,000, Bank of America would still employee around 250,000 people in the U.S.

Bank of America Issues Statement on New BAC [BofA Press Release]