Bank of America to slash 30,000 jobs

Bank of America has announced that it will cut some 30,000 jobs, roughly 10% of its total workforce, as part of a broader plan to reduce its expenses.

According to AFP, the cuts will be made annually by 2014 and are meant to save the troubled bank some USD 5 billion a year.

The cuts represent the first phase of a plan dubbed ”Project New BAC.”‌

The bank said in a statement, ”As the company implements the thousands of decisions from Project New BAC over time, it intends to become a more focused, leaner, and more efficient company”‌.

The planned cuts will add to the 6,000 positions already eliminated by the bank earlier this year.

The bank has also been pummeled with losses from the 2007-2009 financial crisis in the US and has recently been hit with a series of multi-billion dollar lawsuits relating to dodgy mortgage-backed securities issued by its subsidiaries, Countrywide Financial and Merrill Lynch.