Biggest US bank cuts jobs in company overhaul - WTVM.com-Columbus, GA News Weather & Sports

Biggest US bank cuts jobs in company overhaul

This is a Bank of America branch in Albany, GA. This is a Bank of America branch in Albany, GA.

By Roslyn Giles

COLUMBUS, GA (WTVM)- Bank of America is reportedly looking to slash 3500 jobs across the corporation's business including positions in investment banking and trading. 

The Wall Street Journal and New York Times are reporting the numbers may grow.  Thousands of additional reductions are expected as part of an aggressive overhaul known as "Project New BAC."

Reports indicate the downsizing might exceed 10,000 or about 3.5% of its current workforce. The first round of layoffs is set to take place as early as September of this year.

The retrenchments are part of the company's efforts to engineer a recovery after the bank was hit hard from the housing bubble.

A list of sites that will be affected has not been provided. 

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