BofA cutting commercial banking jobs--sources

[OhioChick]

Source: Reuters

Wed Jul 11, 2012 3:26am IST

July 10 (Reuters) - Bank of America Corp has been cutting jobs in its commercial banking unit in recent weeks even as it tries to boost the group's business, people familiar with the situation said, reflecting the bank's broader struggles to grow in a tepid economy.

The job cuts are the latest round in the bank's cost-cutting program, known as Project New BAC, and focus on the unit that makes loans to mid-sized companies around the country. Analysts expect Bank of America to disclose more about the current round of New BAC when it posts earnings on July 18.

The second largest U.S. bank is cutting bankers and loan processors in commercial banking offices scattered around the country, sources said. Bank of America hasn't disclosed the number of cuts, but one of the people said it was a small percentage of the total unit.

The bank declined to say how many employees it has in commercial banking. In a February 2011 securities filing, it listed 7,100, but some businesses have been moved out of the unit since then.

Read more: http://in.reuters.com/article/2012/07/10/bankofamerica-cuts-idINL2E8I9BKI20120710

[HughBeaumont]

1. This garbage corporate sewage dump knows NO other management strategy except firing workers.

Oh, and screwing over their customers.

TIMES 20,000 if "President R-Money" and his CEO Enableathon becomes a reality.

[kestrel91316]

2. Commercial banking is no longer necessary when the RW has virtually eliminated the spending power of

99% of the population and thereby the small businesses they keep alive.

MISSION ACCOMPLISHED!!!1!!1!!!