(Charlotte Observer) Bank of America intends to cut 16,000 jobs companywide by year’s end as part of its ongoing efforts to trim expenses, The Wall Street Journal reported on its website late Wednesday.
The newspaper, citing sources familiar with a document given to top management, said the Charlotte-based bank has set a target head count of 260,000 by year’s end. That scenario means the company would lose its position as the largest employer in U.S. banking, the newspaper said.
Bank of America officials did not immediately return calls Wednesday night.
Cuts include 5,300 consumer-banking jobs and 3,200 in the unit that oversees new mortgages, the newspaper said. Additional reductions are expected in a unit that handles troubles loans.
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