Bank of America to slash 30,000 jobs in cost-cutting plan

This is the same bank that received millions of stimulus dollars. What did they do with the money? They are making a profit. Why are they cutting jobs?

Bank of America Corp., the biggest U.S. lender by assets, will eliminate 30,000 jobs in the next few years as part of Chief Executive Officer Brian T. Moynihan’s plan to bolster profit and the company’s stock.

The reductions, equal to about 10 percent of the firm’s workforce, are part of the first phase of an overhaul that aims to remove about $5 billion in annual costs by the end of 2013. Moynihan’s plan, dubbed Project New BAC, included a management shakeup last week that elevated Thomas K. Montag and David Darnell to co-chief operating officers and left Sallie Krawcheck and Joe Price without jobs.

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