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CHARLOTTE, N.C. (AP) — Bank of America says it will cut about
30,000 jobs over the next few years in a bid to save $5 billion per
year.
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The troubled bank says it expects many of the cuts will come
through attrition and eliminating unfilled positions.
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The company says the number of job cuts isn’t fixed, but that it
expects they will total 30,000.
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The Charlotte, N.C. bank’s stock has lost 47 percent this year,
largely over problems related to poorly-written mortgages it
acquired with its 2008 purchase of Countrywide Financial
Corp.
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The job cuts are part of the first phase of a cost-cutting program
the bank calls “Project New BAC.” It hopes to achieve the $5
billion in annual cost savings by 2014.
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