Bank of America Cuts More Than 2,600 Jobs

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BOABank of America continues trimming its workforce, with recent cuts focusing on highly paid managerial positions, the Charlotte-based company disclosed Monday.

The bank eliminated 2,667 positions in the second quarter, the latest reductions as CEO Brian Moynihan remains focused on slashing expenses. Following the cuts, the bank has 210,516 employees, down by more than 6,100 from a year ago, the company announced in its second-quarter earnings report.

Chief Financial Officer Paul Donofrio, speaking on a conference call with analysts, said “the employee base continues to drive lower.” Cuts made more recently have centered on high-paying management roles, he said.

The reductions are part of the tens of thousands of positions Moynihan has eliminated through layoffs, attrition and business unit sales since becoming CEO in 2010. He has been seeking to streamline a company that grew unwieldy after decades of acquisitions and to cut expenses at a time when banks are struggling to boost revenue because of low interest rates.

The latest decline in total employment was the biggest quarter-to-quarter drop at the bank in a year. Some of the reductions have been in Charlotte, where the bank says it employs about 15,000.

(Source: TCA)