Moynihan Says BofA Plans to Cut 3,500 Jobs This Quarter
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Bank of America Corp., the biggest U.S. lender, will eliminate about 3,500 jobs this quarter to focus “on what we can control” amid market turmoil, said Chief Executive Officer Brian T. Moynihan.
Some workers already were informed of the dismissals, which are in addition to 2,500 reductions made this year, Moynihan said yesterday in a memo to senior managers. Cuts will affect operations across the Charlotte, North Carolina-based firm and include as much as 5 percent of the investment-banking unit, or about 600 employees, said two people with knowledge of the plans.