Report: Bank of America to slash up to 2,000 jobs
CHARLOTTE, N.C. — Bank of America Corp. is planning to cut up to 400 jobs in its investment banking, corporate banking, and sales and trading units, the Wall Street Journal reported late Monday.
An expected sale of the bank’s non-U.S. wealth-management operations in Asia, Latin America and Europe would eliminate up to 2,000 jobs, according to the report.
Multiple media outlets reported on April 17 that Bank of America was looking to sell its wealth management units outside the United States. However, Bank of America declined to comment.
Last spring, the bank announced a cost-cutting program called Project New BAC that would eliminate 30,000 consumer banking and technology jobs over the next few years.
The bank said it expects to wrap up plans for the second phase of the program this month. The phase is expected to cut fewer jobs than the first because it covers a smaller, more efficient part of the bank.
At the end of March, Bank of America had about 278,700 employees worldwide.