Bank of America to eliminate jobs, more going in fall

Charlotte ObserverAugust 19, 2011 

Bank of America Corp. has begun eliminating 3,500 jobs companywide ahead of further cuts that are expected to come this fall.

The bank declined to provide a breakdown of the cuts by city, but Charlotte, as a major employee hub, would be expected to lose jobs in companywide layoffs. The bank has said it has about 15,000 workers in its headquarters city.

The reductions come as Bank of America chief executive Brian Moynihan is working to cut expenses to boost profitability and build capital as the Charlotte bank continues to wrestle with mortgage-related losses. The bank's shares are down about 47 percent this year.

In a memo to senior leaders on Thursday, Moynihan said notifications to employees had begun. The 3,500 jobs - a little more than 1 percent of the bank's 287,000 jobs - are in addition to 2,500 jobs already cut this year, Moynihan said.

"We owe it to our customers and our shareholders to remain competitive, efficient and manage our expenses carefully," Moynihan said.

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