Banking

Bank of America cuts more jobs in Charlotte, elsewhere

Bank of America announced this week an unspecified number of layoffs in Charlotte and elsewhere, as the company continues to shed jobs in an effort to lower overall costs and streamline operations.
Bank of America announced this week an unspecified number of layoffs in Charlotte and elsewhere, as the company continues to shed jobs in an effort to lower overall costs and streamline operations. Getty Images

Bank of America announced this week an unspecified number of layoffs in Charlotte and elsewhere, as the company continues to shed jobs in an effort to lower overall costs and streamline operations.

In Charlotte and some other U.S. markets, the eliminated positions are in the bank’s global technology and operations unit, in addition to a unit created to handle distressed residential mortgages. They mark the latest cuts under CEO Brian Moynihan, who continues to wring out costs as the Charlotte-based bank remains under pressure from investors to boost profitability.

“Limited position eliminations have been ongoing and reflect our previously announced efforts to reduce complexity and simplify our company for our customers and clients,” spokesman Dan Frahm said Friday. He declined to disclose layoff numbers.

Moynihan has been pushing for efficiencies in an ongoing program called Simplify and Improve. In a CNBC interview Thursday, Moynihan said the bank will “absolutely” keep reducing costs.

Since becoming CEO in 2010, Moynihan has eliminated more than 70,000 jobs, including some in Charlotte, where the bank says its employment remains at more than 15,000. The CEO has noted, though, that the bank has been hiring in other areas, such as salespeople in branches.

A portion of the latest layoffs affect the bank’s Legacy Asset Servicing unit. Moynihan has cut billions of dollars in expenses from that unit, as the bank has reduced its number of problematic mortgages, many of which it inherited from its 2008 purchase of Countrywide Financial.

Frahm said the bank will help employees who received layoff notifications this week apply for other positions at the company. The bank has a strong track record for helping employees find new positions, he said.

Deon Roberts: 704-358-5248, @DeonERoberts

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