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Bank of America may cut from around 29,000 jobs up to 40,000 jobs as part of a restructuring plan instituted by Chief Executive Officer Brian T. Moynihan, who said that the company has become too complex after his predecessor, Kenneth D. Lewis, assembled leading positions in deposits, credit cards, mortgages, investment & corporate banking and wealth management.

The firm, which had $2.3 trillion in assets, was among a large number of corporations that posted multi-billion dollar profits last year without paying a cent in federal income taxes.

“It’s time to simplify the organization, streamline the organization and make sure our business processes are relevant when you have a smaller, more focused company. We just don’t need to be the biggest,” Moynihan said.

Major global banks have been jettisoning workers en masse for the past few months – Bloomberg News reported that the fifty largest global banks announced nearly 60,000 job cuts this year, the fastest pace since the 2008 crash.

Bank of America is not only heavily exposed to the housing crisis — it still has billions of dollars of bad mortgage debt on its books — but it’s also struggling to integrate some big acquisitions from recent years, notably Merrill Lynch and Countrywide Financial.

“What you ended up with was a company that was too complex, had a lot of parts that were inherited,” Moynihan said.
Bank of America may cut from around 29,000 jobs up to 40,000 jobs as part of a restructuring plan instituted by Chief Executive Officer Brian T. Moynihan, who said that the company has become too complex after his predecessor, Kenneth D. Lewis, assembled leading positions in deposits, credit cards, mortgages, investment & corporate banking and wealth management.

The firm, which had $2.3 trillion in assets, was among a large number of corporations that posted multi-billion dollar profits last year without paying a cent in federal income taxes.

“It’s time to simplify the organization, streamline the organization and make sure our business processes are relevant when you have a smaller, more focused company. We just don’t need to be the biggest,” Moynihan said.

Major global banks have been jettisoning workers en masse for the past few months – Bloomberg News reported that the fifty largest global banks announced nearly 60,000 job cuts this year, the fastest pace since the 2008 crash.

Bank of America is not only heavily exposed to the housing crisis — it still has billions of dollars of bad mortgage debt on its books — but it’s also struggling to integrate some big acquisitions from recent years, notably Merrill Lynch and Countrywide Financial.

“What you ended up with was a company that was too complex, had a lot of parts that were inherited,” Moynihan said.
Bank of America may cut from around 29,000 jobs up to 40,000 jobs as part of a restructuring plan instituted by Chief Executive Officer Brian T. Moynihan, who said that the company has become too complex after his predecessor, Kenneth D. Lewis, assembled leading positions in deposits, credit cards, mortgages, investment & corporate banking and wealth management.

The firm, which had $2.3 trillion in assets, was among a large number of corporations that posted multi-billion dollar profits last year without paying a cent in federal income taxes.

“It’s time to simplify the organization, streamline the organization and make sure our business processes are relevant when you have a smaller, more focused company. We just don’t need to be the biggest,” Moynihan said.

Major global banks have been jettisoning workers en masse for the past few months – Bloomberg News reported that the fifty largest global banks announced nearly 60,000 job cuts this year, the fastest pace since the 2008 crash.

Bank of America is not only heavily exposed to the housing crisis — it still has billions of dollars of bad mortgage debt on its books — but it’s also struggling to integrate some big acquisitions from recent years, notably Merrill Lynch and Countrywide Financial.

“What you ended up with was a company that was too complex, had a lot of parts that were inherited,” Moynihan said.

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