Banking

February 12, 2014

Bank of America lays off more workers in technology and operations

Bank of America has laid off more workers in its technology and operations division, including an unknown number in Charlotte.

Bank of America has laid off more workers in its technology and operations division, including an unknown number in Charlotte.

It’s at least the second round of job cuts in as many months within the division, which covers about one-third of Bank of America’s employees across the company. In January, the bank said it laid off workers in “multiple locations,” which included Charlotte.

Bank of America did not disclose the number of workers who lost jobs in either round of cuts. The bank confirmed Wednesday that job losses occurred, but did not give details.

“These notifications have been ongoing and reflect our previously announced efforts to reduce our size, resolve legacy issues and simplify our company for our customers and clients,” spokesman Mark Pipitone said in a statement.

“Bank of America remains one of the nation’s leading employers, hiring thousands of people each year and reflecting opportunities both for new employees and our strong track record for helping employees transition into new positions within the company.”

A Charlotte-based employee who lost his job said the news began to trickle out Wednesday morning. He said the cuts hit both full-time employees and contractors, but he said he did not know how many people were affected.

The global technology and operations division, as it is known, employs about 100,000 people. It is headed by Cathy Bessant, who is based in Charlotte.

Periodic layoffs have become commonplace at Bank of America over the past two years as the company has cut costs across the board. CEO Brian Moynihan launched a program known as Project New BAC in 2011 that aims to cut $2 billion in quarterly expenses.

The bank has cut about 40,000 jobs since then. The layoffs have especially affected back office and support operations, which make up a large part of the technology and operations division. Staff Writer Deon Roberts contributed.

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