BofA (BAC) is speeding up its staff-reduction program and plans to slash 16,000 jobs by the...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

BofA (BAC) is speeding up its staff-reduction program and plans to slash 16,000 jobs by the year-end to leave it with 260,000 workers, the WSJ reports. The cuts are part of "Project BAC," which aims to bring savings of $8B a year by 2015. Most of the layoffs will probably come in BofA's consumer ops, with the bank intending to close 200 branches on top of the 178 it shut in 2011.