As part of a restructuring effort, Bank of America announced this morning that it would slash 16,000 jobs. After the cuts, the banking giant will no longer be the largest banking employer in the U.S. That title will belong to rival JPMorgan Chase & Co.
The cuts will be made by the end of the year and are part of an effort to make Bank of America a leaner and more focused enterprise, according to the Wall Street Journal.
CNBC reports that at the end of its third fiscal quarter, Bank of America had just more than 275,000 employees. The job cuts are part of a plan to eliminate $5 billion in annual expenses and 30,000 jobs by the end of 2013. Many of the cuts will come in consumer and technology areas.
The cuts are all part of a plan by CEO Brian Moynihan, which also includes the closing of 200 branches, on top of 178 shut down in 2011.