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News Link • Economy - Economics USA

The Most Brutal Layoffs Yet: Bank Of America Could Slash Up To 30,000 Jobs

Bank of America might lay off up to 30,000 people in the coming years, according to a report in the Charlotte Observer. That means it could cut over 10% of its 288,000 employees worldwide, making BofA the bank with the most brutal layoff plans we've heard yet, second only to HSBC's plans to layoff 30,000 of its 300,000 strong workforce. Sources familiar with the firm announced the mass layoffs soon after the FHFA filed a huge lawsuit against Bank of America over $30.85 billion in losses on mortgage securities.* The unfinalized plans are to cut over 10,000 and up to 30,000 employees in the next few years. The reason for them is simple. The massive cuts are partly to make up for what are expected to be huge lawsuit-related losses over the firm's and Countrywide's role in the mortgage crisis. Bank of America bought Countrywide, the country's largest mortgage lender, in 2008.

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