PLEDGE NOW
Here and Now with Robin Young and Jeremy Hobson
Public radio's live
midday news program
With sponsorship from
Mathworks - Accelerating the pace of engineering and science
Accelerating the pace
of engineering and science
Monday, September 12, 2011

Bank of America Plans 30,000 Job Cuts

Bank of America's corporate headquarters are shown in Charlotte, N.C. (AP)

Bank of America's corporate headquarters are shown in Charlotte, N.C. (AP)

By: THE ASSOCIATED PRESS

CHARLOTTE, N.C. – Bank of America says it will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year.

The troubled bank says it expects many of the cuts will come through attrition and eliminating unfilled positions.

The company says the number of job cuts isn’t fixed, but that it expects they will total 30,000.

The Charlotte, N.C. bank’s stock has lost 47 percent this year, largely over problems related to poorly-written mortgages it acquired with its 2008 purchase of Countrywide Financial Corp.

The job cuts are part of the first phase of a cost-cutting program the bank calls “Project New BAC.” It hopes to achieve the $5 billion in annual cost savings by 2014.

Guest:


Please follow our community rules when engaging in comment discussion on this site.
Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

May 26 5 Comments

As Lethal Heroin Overdose Numbers Rise, Families Find Solace In Organ Donation

Organ banks around the country have noted an increasing number of organs from donors who have died of overdoses.

May 26 3 Comments

NEADS Assistance Dog Bailey Graduates From Service Dog Training

NEADS provides dogs like Bailey, a yellow Labrador, for deaf and disabled Americans.

May 25 Comment

Celebrating The Class Of 2016: Peace Odiase

Odiase is one of two valedictorians at Fisk University, a historically black college in Nashville, Tennessee.

May 25 8 Comments

NEADS Service Dog Meets His Match

Here & Now has been tracking service dog Bailey, who recently met his new owner, since last year.