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BofA planning more job cuts: WSJ
May 1, 2012 / 3:58 AM / 5 years ago

BofA planning more job cuts: WSJ

(Reuters) - Bank of America Corp (BAC.N) is planning to cut up to 400 jobs in its investment banking, corporate banking, and sales and trading units, the Wall Street Journal reported, citing people familiar with the situation.

A sign for a Bank of America office is pictured in Burbank, California August 19, 2011. REUTERS/Fred Prouser

An expected sale of the bank’s non-U.S. wealth-management operations in Asia, Latin America and Europe would eliminate up to 2,000 jobs, the Journal also said.

Reuters reported on April 17 that Bank of America was looking to sell its wealth management units outside the United States for as much as $3 billion.

Bank of America declined to comment on the Journal report.

Last spring, the bank announced a cost-cutting program called Project New BAC that aims to eliminate 30,000 consumer banking and technology jobs over the next few years.

The bank has said it expects to wrap up plans for the second phase of the program, which focuses on investment banking, commercial banking and related support jobs, in May. The second phase is expected to cut fewer jobs than the first because it covers a smaller, more efficient part of the bank.

At the end of March, Bank of America had about 278,700 employees worldwide.

Reporting by Sakthi Prasad and Rick Rothacker; Editing by Ryan Woo

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