Bank of America Cuts 14,600 Employees in 2012 to Reduce Costs

Bank of America Cuts 14,600 Employees in 2012 to Reduce Costs

David Paul Morris/Bloomberg

Bank of America, ranked second by assets among U.S. lenders, still has about 8,000 more employees than JPMorgan Chase & Co., the largest U.S. bank. The reductions in the fourth quarter outpaced the trend Moynihan laid out in October.