http://www.charlotteobserver.com/news/business/banking/bank-watch-blog/article97371837.html
Bank of America confirmed more layoffs impacted its Charlotte operations on Tuesday. Eric Thayer - Bloomberg
Bank of America slashed more jobs in Charlotte on Tuesday, the latest in cost-cutting at the bank.
Impacted employees informed the Observer about the layoffs, which the bank confirmed. According to the bank, less than 30 Charlotte-based technology and operations positions were eliminated, most aligned to the bank’s global banking and markets operation.
It marks the latest job cuts for Bank of America, which continues to eliminate positions as CEO Brian Moynihan remains focused on lowering the bank’s expenses. Last month, the bank said it cut more than 2,600 jobs during the second quarter, its largest quarter-to-quarter drop in a year. That adds to the tens of thousands of positions eliminated though layoffs, attrition, automation and sales of business units since Moynihan became CEO in 2010.
The latest cuts come as Moynihan remains under pressure from investors to improve Bank of America’s profitability, at a time when low interest rates are impacting revenues of banks everywhere. Bank of America’s workforce has also fallen as Moynihan has pushed to streamline a company whose operations became sprawling after decades of acquisitions.
Bank of America’s latest layoffs also follow the bank’s announcement last month of new cost-cutting goals. Under those plans, the bank wants to reduce annual noninterest expenses to roughly $53 billion by the end of 2018, compared with about $56.3 billion over the previous 12 months.
Last month, Bank of America’s chief financial officer said the bank’s rate of eliminating positions has been slowing. Increasingly, he said, reductions have included highly paid managerial associates.
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