Bank of America Corp. is cutting 3,500 employees this quarter and working on restructuring plans that will ax several thousand more jobs, The Wall Street Journal and The New York Times reported, citing people familiar with the situation.
The reports today say the job cuts at the biggest U.S. bank by assets could exceed 10,000, or about 3.5 percent of its current workforce.
The retrenchments are part of chief executive Brian Moynihan’s efforts to engineer a recovery at BofA, which was hit hard after the housing bubble burst.
The 50 largest global banks announced almost 60,000 job reductions through the first week of August, the fastest rate since 2008, according to data compiled by Bloomberg.
Regulators are pushing companies to hold more capital, and they are restructuring businesses to improve profitability as the U.S. economy stagnates.
Denver Post wire services
