Bank of America said it would cut 30,000 jobs, or about 10.5 per cent of the group’s workforce, and save $5bn a year in costs from the first phase of a restructuring plan.
Brian Moynihan, the chief executive of the beleaguered banking group, added that several billion dollars more of cost cuts were to come.
Mr Moynihan said the overhaul of the group – dubbed “Project New BAC” – would produce big savings from its $73bn annual spending bill, helping to stabilise the company, whose share price has been battered by worries about its exposure to mortgage-related losses and litigation.
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