Bank of America (BAC) may be preparing to slash about 6% of its work force by the end of this year as part of an ongoing series of streamlining measures.
The Charlotte, N.C., company stands to jettison as many as 16,000 workers in the second half of 2012 as part of its plan to cut costs, draw more revenue from current customers and retool itself as a dealmaker, the Wall Street Journal reported Wednesday.
Bank of America declined to comment on the report Thursday.
The job eliminations are part of a company-wide cost-cutting initiative called New BAC, under which Bank of America expects to save a total of $8 billion annually by 2015.
The reductions continue a wave of job cuts by the company. Bank of America reported it had 20,000 fewer employees at June 30 than it did a year earlier.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access