Layoffs said have already begun.
Bloomberg News reports that Bank of America will keep cutting costs even after reaching its annual spending goal of $53 billion by finding more ways technology can replace people, Chief Operating Officer Tom Montag said.
“There’s more to do after that,” Montag said Wednesday at a conference in New York. “How much technology can we do that replaces people? How many things do we have that we can use it? How much big data can we use that helps us target better and not waste our time on certain things?”
CEO Brian Moynihan announced the expense target in July 2016 after profit dropped more than 20 percent, as persistently low interest rates cut into earnings at the Charlotte, North Carolina-based company. Bank of America has previously said it was on track to meet the goal by 2018. Total expenses were $57.7 billion in 2015 and about $55 billion last year.
In the meantime, Reuters reports that Bank of America has begun laying off employees in its operations and technology division, part of the bank's plan to cut costs.
On Wednesday the bank cut jobs across that division, many of which came from its Charlotte, N.C., headquarters, a spokesman said. He would not specify the number of jobs lost.