Economy

Bank of America starts layoffs

Layoff notices are going out to Bank of America employees this week, a sign the significant staff cuts announced as part of a company-wide initiative have begun.

The bank confirmed that notices were going to employees in the technology and operations division, which has a significant presence in Charlotte.

A spokesman said the bank would not comment on how many or where the layoffs were occurring. The Charlotte-based bank announced in September that 30,000 positions would be eliminated as part of the Project New BAC cost-cutting program.

"That process has started," spokesman Scott Silvestri said.

A bank employee who spoke only on condition of anonymity also told the Observer layoff notices were given to employees in the global learning division, which trains new hires and existing workers. The bank would not confirm that.

Project New BAC began in April, a bid to streamline the company and restore investor confidence. The goal for the first phase, which is focusing on consumer banking and support services, is to cut $5 billion in recurring expenses by the end of 2013.

Read the complete story at charlotteobserver.com

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