Connect to share and comment

Bank of America plans to cut 2,000 jobs, targeting highly paid bankers

Bank of America plans to cut 2,000 jobs in its investment banking, commercial banking and wealth-management units.

Bofa 2011 12 21Enlarge
A policeman in riot gear defends a Bank of America as Occupy Portland protesters march past various banks in Portland, Ore., on Nov. 17, 2011. (Natalie Behring/Getty Images)

Bank of America plans to target staff with high salaries in its latest job cuts. The company will cut about 2,000 jobs from its investment banking, commercial banking and non-U.S. wealth-management units, the Wall Street Journal reported

More from GlobalPost: Promises, pitfalls await investors in Burma’s frontier

Last year the bank announced a new program, called Project New BAC, which would cut 30,000 consumer banking and technology jobs total over the next few years, Reuters reported. But the new round of layoffs is unrelated to the New BAC project, according to the Los Angeles Times

These new cuts will come as a result of the bank's plans to sell a division that handles wealth management in Europe, Latin America and Asia, the LA Times reported. The company also plans to lay off up to 400 high-earning investment bankers.

Bank of America would not comment on the new cuts but has expressed support for layoffs in the past.

“The continued cost reduction remains at the forefront of our thinking at Bank of America,"  BofA CEO Brian Moynihan said last month, according to Forbes. "We continue to streamline our company"

http://www.globalpost.com/dispatch/news/regions/americas/united-states/120501/bank-america-plans-cut-2000-jobs-targeting-highl