Top Firm Cut 14,600 Employees in 2012 to Reduce Costs

Brian Moynihan With Batphone

Bank of America, which is planning to cut $8bn of expenses to improve profitability, reduced its staff by 14,601 employees last year.

Bloomberg reports that the cuts, including about 5,400 in the fourth quarter, represented 5% of the bank’s workforce, which totals 267,190, according to figures posted Thursday on the company’s website.

The quarter’s decline in headcount was the highest in a year.

About 3,000 of the reductions came from the bank’s legacy assets and servicing division, called LAS, that handles delinquent mortgages and foreclosures.

Chief Executive Officer Brian T. Moynihan has targeted that business for cost cuts as credit quality improves and dropped headcount in the third quarter for the first time in more than three years.

Hit the link below to access the complete Bloomberg article:

Bank of America Cuts 14,600 Employees in 2012 to Reduce Costs

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