Thursday, June 16, 2016

Bank of America cuts more jobs, 70,000 lost since 2010

Bank of America announced this week an unspecified number of layoffs in Charlotte and elsewhere, as the company continues to shed jobs in an effort to lower overall costs and streamline operations.
In Charlotte and some other U.S. markets, the eliminated positions are in the bank’s global technology and operations unit, in addition to a unit created to handle distressed residential mortgages. They mark the latest cuts under CEO Brian Moynihan, who continues to wring out costs as the Charlotte-based bank remains under pressure from investors to boost profitability.
“Limited position eliminations have been ongoing and reflect our previously announced efforts to reduce complexity and simplify our company for our customers and clients,” spokesman Dan Frahm said Friday. He declined to disclose layoff numbers.
Moynihan has been pushing for efficiencies in an ongoing program called Simplify and Improve. In a CNBC interview Thursday, Moynihan said the bank will “absolutely” keep reducing costs.

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