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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> 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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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> The troubled bank says it expects many of the cuts will come through attrition and eliminating unfilled positions.
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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> The company says the number of job cuts isn’t fixed, but that it expects they will total 30,000.
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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> 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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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> 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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