16
Sep
BANK OF AMERICA is planning to cut about 40,000 jobs during the first wave of a restructuring referred to as “Project New BAC”. It is understood that the redundancies will largely affect the consumer half of the bank, which employs about 160,000 workers. However, it is hoped that some jobs can be cut by natural attrition and hiring slowdowns. The second phase of Project New BAC is expected to begin in October 2011 and will focus on BANK OF AMERICA’s commercial units - investment banking, trading, wealth management and corporate banking.