Bank of America To Cut 16,000 Jobs By Year End, Report Says

Bank of America cutting jobs
Bank of America cutting jobs



Bank of America is planning to cut 16,000 jobs by year end as it speeds up a company-wide cost-cutting initiative amid declining revenues, The Wall Street Journal reported on Wednesday.

The job cuts would put the second-largest U.S. bank a year ahead of schedule in eliminating 30,000 jobs under a program called Project New BAC. The job cuts could shrink the bank's workforce below that of rivals JPMorgan Chase and Wells Fargo.