BofA CEO Moynihan Sees More Job Cuts in 2016 as Bank Trims Costs…(Recovery USSA!!)
by Lily Katz
Bloomberg.com
January 21, 2016
Bank of America Corp., which cut more than 10,000 jobs last year, will reduce the number of employees in 2016 as it seeks to reduce costs amid declining revenue, Chief Executive Officer Brian Moynihan said.
“We took down the headcount by 2,000 in the fourth quarter,” Moynihan said Thursday in a Bloomberg TV interview from the World Economic Forum in Davos. He declined to say how many jobs would be cut this year, “but it will be lower than it is now.”
Bank of America, the second-largest U.S. lender, had 213,280 employees as of Dec. 31, down 4.7 percent from a year earlier, according to a financial statement from the Charlotte, North Carolina-based bank.
