Bank of America (BAC) will cut 3.5K jobs in the current quarter as part of a larger...

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

Bank of America (BAC) will cut 3.5K jobs in the current quarter as part of a larger restructuring that may see at least 10K positions - 3.5% of the firm's workforce - eliminated. The plan, known as "Project New BAC," is a step toward CEO Moynihan's goal of reducing annual expenses by $6B.