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Bank of America will cut 30,000 jobs

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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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