US banking giant Bank of America Merrill Lynch (BofA) is to cut 30,000 jobs over the next few years in the next phase of its major restructuring efforts, Project New BAC.
BofA’s wealth management division will be unaffected by the latest phase of job cuts. However, a BofA spokesperson confirmed redundancies can be expected for wealth management and operations management staff in Phase II which begins in October and concludes in March 2012.
BofA’s has already announced 3,500 job cuts in its consumer banking, home loans and credit cards divisions, as well as technical support and general support staff, as part of Phase I of New BAC.
Phase I has already led to the removal of a layer of senior management at the US bank, including industry heavyweight Sallie Krawcheck who has stepped down as head of the bank’s Global Wealth and Investment Management (GWIM) arm.