Bank of America laying off IT employees

Axe In Wood

Part of a cost-cutting initiative.

The Charlotte Observer reports that Bank of America said Wednesday it is laying off an undisclosed number of technology workers.

The cuts are within the bank’s Global Technology and Operations business line, which employs about 100,000 worldwide. The head of the unit, Cathy Bessant, is based in Charlotte.

The bank said the laid-off workers are in 'multiple locations' but did not name specific sites.

Wednesday’s layoffs come as the bank continues to trim its workforce under CEO Brian Moynihan’s cost-cutting initiative known as Project New BAC, a plan that calls for the bank to save $8 billion a year by mid-2015. Last year, the bank eliminated 25,073 jobs, leaving it with 242,117 employees at the end of December, according to a securities filing last week.

'These notifications reflect previously announced efforts to reduce our size, resolve legacy issues and simplify the company for our customers and clients', the bank said in a statement. The bank said it will help the laid-off workers, including trying to find them other jobs in the company.

Hit the link below to access the complete Charlotte Observer article:

Bank of America cutting technology jobs, some in Charlotte

IBM allocating $1 billion for major round of job cuts

image: © Torpe

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