Reports: Bank of America Considers Huge Job Cuts

By: AP
By: AP

The Wall Street Journal said that officials at the Charlotte, N.C. bank have discussed cutting 40,000 employees, or 14 percent of its 288,000 total staff.

Bloomberg puts the job cuts at 10 percent.

Bank of America Corp. has already cut at least 6,000 jobs this year as part of its reorganization under CEO Brian Moynihan.

Moynihan earlier this week unveiled a shake-up in the bank's management ranks.

The bank, still struggling under the weight of toxic mortgage loans, says the moves are part of "delayering and simplifying" operations.

It started a cost cutting program in the spring.

Its shares slipped 5 cents to $7.15 in pre-market trading Friday.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


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