Bank of America (NYSE:BAC) plans to eliminate 30,000 jobs in the next few years as part of CEO Brian Moynihan’s plan to bolster profit and the company’s stock. The reductions are equal to about 10% of the firm’s staff, and come as part of an earlier-announced overhaul that aims to remove $5 billion in annual costs by the end of 2013.
Bank of America released a statement today announcing the job cuts only minutes after President Obama began a speech on his efforts to increase employment. Bank of America currently ranks as the largest employer among U.S. lenders. Today Moynihan estimated the firm’s workforce at about 287,000.
In a speech earlier today detailing the firm’s plans to reduce costs, Moynihan avoided the subject of rumored job cuts. Last week, it was thought the bank could cut as many as 40,000 jobs.