Bank of America to cut 30,000 jobs in first phase of restructuring plan

SAN FRANCISCO (MarketWatch)
The planned elimination of 30,000 jobs by Bank of America is the largest by a U.S.-based employer so far this year, a global consultancy said Monday.
It is also the biggest since the U.S. Postal Service announced 30,000 job cuts in 2010, according to Challenger, Gray & Christmas, Inc.
Until Bank of America's announcement, Merck & Co.'s layoff of 13,000 was the largest this year, followed by Borders's 10,700 staff cut, the consultancy said.
Bank of America's staff reduction is part of its effort to save $5 billion a year by 2014