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BofA will cut 30,000 jobs

BofA will cut 30,000 jobs

By PALLAVI GOGOI
The Associated Press

Published Sep 12, 2011 10:42AM MDT

Bank of America will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year. The cost-cutting drive is part of a broader effort to reshape and shrink the nation’s largest bank as it copes with fallout from the housing bust.
The bank announced the job cuts in a statement shortly after Brian Moynihan, the bank’s CEO, disclosed the cost-saving goals in an address to investors in New York. “We’re a much simpler company than we were 24 months ago,” Moynihan said.
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