Bank Of America, Cost Cutting | featured news

The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation’s largest bank employer, falling behind the likes of JP Morgan Chase, Wells Fargo and Citigroup.

Bank of America Corp employees are flooding rival companies with resumes as a major cost-cutting program gets under way at the second-largest U.S. bank.

Bank of America is to cut 30,000 jobs, or 10% of its workforce, over the next few years as part of a cost-cutting programme, the company says.