Bank of America Shares Get Dumped Despite Restructuring
Bank of America Corporation (NYSE:BAC) may cut as many as 40,000 jobs during the first wave of restructuring, according to the Wall Street Journal. The Journal, however, noted that the bank has not finalized the plan and the jobs reduction number could change.
Under the restructuring plan, the Charlotte, North Carolina-based bank aims to lower its workforce of 288,000 over a period of years. A number of bank’s executives met in Charlotte, North Carolina on Thursday to discuss the jobs cuts. According to the Wall Street Journal, the executives are expected to make a final decision on the jobs cut today. The cuts will be mainly made in the bank’s consumer operations.
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Over 70,000 planned staff cuts have been announced at U.S. and European banks (NYSE:KBE) this year by other top firms including HSBC (NYSE:HBC), Goldman Sachs (NYSE:GS), Citigroup (NYSE:C), Morgan Stanley (NYSE:MS), UBS (NYSE:UBS), Deutsche Bank (NYSE:DB), Barclays (NYSE:BCS), Royal Bank of Scotland (NYSE:RBS) and Lloyd’s (NYSE:LYG).
Bank of America shares are down sharply today. At last check, the stock was trading 2.43% lower at $7.03. Bank of America shares have fallen more than 47% this year.