Bank of America aides mull 40K-job cut: WSJ

TEL AVIV (MarketWatch)
Officials at Bank of America Corp.,the Charlotte, N.C., banking major, have mulled a cut of as many as 40,000 jobs, largely in its consumer operations, as part of a multiyear restructuring to be discussed on Monday at a conference, people familiar with the matter told The Wall Street Journal.
That's 14% of the banking firm's 288,000 jobs at June 30.
In a presentation to investors, Chief Executive Brian Moynihan may not specify a jobs number but rather may outline how much the firm expects to save, the Journal reported.
He told investors in August that he wants to pare quarterly costs by $1.5 billion, the Journal reported. The cuts would come on top of the 6,000 jobs B. of A. has eliminated this year, the Journal reported.