90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
Here and Now with Robin Young
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.

September 29 6 Comments

Michigan Coach Faces Criticism For Keeping QB In Play

University of Michigan quarterback Shane Morris was having trouble standing on his own after a major sack. The coach kept him in the game.

September 29 26 Comments

Methodist Pastor Faces Last Church Trial

Reverend Frank Schaefer, who was defrocked for officiating his son's same-sex marriage and later reinstated, awaits one more church trial. He writes about the experience in a new memoir.

September 29 7 Comments

Monarch Butterflies Could Be On Rebound

After precipitous declines in the monarch butterfly population, there are signs the species may be on the rebound.

September 26 4 Comments

Dean Of Boston Sports Journalism Celebrates 42 Years On The Job

Here & Now's Robin Young visits the most-beloved sportscaster you've never heard of: Jonny Miller.