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.
Spotlight

Peter O’Dowd follows the route of Abraham Lincoln's funeral train 150 years ago, to look at modern-day race relations and Lincoln's legacy.

Robin and Jeremy

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

May 21 7 Comments

YouTube Sensation Publishes Her First Cookbook

Maangchi's career was born when her son suggested she start making videos of herself cooking Korean dishes.

May 21 17 Comments

UC’s Napolitano Speaks Out On High Cost Of Public Ed, Anti-Semitism On Campus

Janet Napolitano talks about a plan to freeze in-state tuition, and campus protests against Israel's occupation of the West Bank.

May 20 Comment

‘Finding The Good’ Through Obituary Writing

Journalist Heather Lende has been writing obituaries in the small town of Haines, Alaska, for 20 years.

May 20 3 Comments

Pandas’ Bamboo Diet May Endanger Them

New research examining the genetics of panda waste shows they would be better suited to eat meat than plants.