Bank of America plans to cut about 30,000 jobs
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Pastor Dale Morgan
Sep 12, 2011, 1:44:50 PM9/12/11
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Perilous TImes
12 September 2011 Last updated at 13:01 ET
Bank of America plans to cut about 30,000 jobs
Bank of America is to cut 30,000 jobs over the next few years as part of a cost-cutting programme.
The cuts represent about 10% of the company's workforce.
Bank of America wants to save about $5bn (£3.2bn) a year as it slims down the bank that was hit hard by the sub-prime mortgage crisis.
The cuts came on the day that President Obama sent his $447bn jobs bill to Congress, which is supposed to reduce the level of unemployment.
Bank of America is calling the cost-cutting programme Project New BAC, named after the code for its shares on the stock market.
It has also been selling off assets; last month it sold half of its 10% stake in China Construction Bank.
12 September 2011 Last updated at 13:01 ET
Bank of America plans to cut about 30,000 jobs
Bank of America is to cut 30,000 jobs over the next few years as part of a cost-cutting programme.
The cuts represent about 10% of the company's workforce.
Bank of America wants to save about $5bn (£3.2bn) a year as it slims down the bank that was hit hard by the sub-prime mortgage crisis.
The cuts came on the day that President Obama sent his $447bn jobs bill to Congress, which is supposed to reduce the level of unemployment.
Bank of America is calling the cost-cutting programme Project New BAC, named after the code for its shares on the stock market.
It has also been selling off assets; last month it sold half of its 10% stake in China Construction Bank.
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