The Associated Press is reporting that Bank of America is considering cutting at least 10 percent of its workforce as part of a massive restructuring, according to published reports.
The Wall Street Journal said that officials at the Charlotte, N.C., bank have discussed cutting 40,000 employees, or 14 percent of its 288,000 total staff. Bloomberg put the job cuts at about 10 percent. Both reports cited people that were not identified by name.
A spokesman for Bank of America wasn't immediately available to comment before business hours on Friday.
Bank of America Corp. has already cut at least 6,000 jobs this year as part of its reorganization under CEO Brian Moynihan, who has been in the top spot since last year. Moynihan earlier this week unveiled a shake-up in the bank's management ranks, announcing the departure of two key officers and the promotion of two others to share the role of chief operating officer.
Most of the cuts are expected to happen on the consumer side.
This has been a long time coming and isn't so surprising, given the recent mortgage debacle. At some point, all giants eventually fall. Unfortunately, the employees will have to pay for the misdeeds with their jobs. We wonder how many executives will be ousted.
Read more at AJC.com.
In other news: Credible Threat Against DC, NYC.