Bank of America says that it will cut 30,000 jobs as part of a plan aimed at cutting $5 billion in costs. The cuts represent about 10% of the company's workforce and will take several years to occur. The bank says that the cuts will help it become more efficient, and will target consumer and small-business operations as well as the streamlining of some functions. Bank of America said that it will also look towards reducing costs in its corporate banking and global markets areas.
See "Embattled Bank of America to axe 30,000 workers", Telegraph, September 11, 2011