Bank of America to cut 16,000 jobs this year – San Antonio Business Journal



Bank of America Corp. expects to cut 16,000 jobs by the end of the year to address declining revenues.

The cuts would shrink the bank’s workforce below that of rivals JPMorgan Chase & Co. and Wells Fargo & Co.

Bank of America is currently the second largest bank in the U.S. and had 275,460 employees at the end of the second quarter. Bank of America says it plans to eliminate $5 billion in annual expenses and 30,000 jobs by the end of 2013.

Charlotte-based Bank of America (NYSE: BAC) has 40 branches in the San Antonio market.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s