Bank Watch

Bank of America cutting marketing, communications jobs

Bank of America informed employees in its global marketing and corporate affairs group of job cuts on Tuesday, said Bank of America spokesman Jefferson George. The “small number” of cuts affect multiple locations across the U.S., he said, declining to give specifics.
Bank of America informed employees in its global marketing and corporate affairs group of job cuts on Tuesday, said Bank of America spokesman Jefferson George. The “small number” of cuts affect multiple locations across the U.S., he said, declining to give specifics. Bloomberg

Bank of America is eliminating a “small number” of marketing and communications jobs in Charlotte and elsewhere, as the bank continues to trim its workforce under CEO Brian Moynihan’s push for increased efficiencies.

The Charlotte-based bank informed employees in its global marketing and corporate affairs group of the cuts on Tuesday, said Bank of America spokesman Jefferson George. The “small number” of cuts affect multiple locations across the U.S., he said, declining to give specifics.

“It’s part of our ongoing, previously announced efforts to reduce the complexity and simplify our company,” George said.

The group falls under the oversight of Anne Finucane, the bank’s Boston-based strategy chief and a direct report to Moynihan. The group also maintains a large presence in the bank’s headquarters city, where the bank has said employment remains steady at about 15,000.

The layoffs are the latest Bank of America cuts to affect Charlotte, as Moynihan continues to eliminate jobs across business lines. Since taking over as CEO in 2010, Moynihan has cut tens of thousands of positions, many tied to the bank’s 2008 purchase of mortgage lender Countrywide.

The Observer reported in October that the bank was eliminating about 100 technology and mortgage jobs in Charlotte. Nationwide, the bank has also cut jobs through shedding branches.

Moynihan continues looking for efficiencies in an ongoing program called Simplify and Improve. That initiative was announced in 2014, as the bank closed in on meeting goals under its cost-cutting program known as Project New BAC.

Savings the bank is identifying through Simplify and Improve are being used to offset increased compliance, compensation and other rising costs, Moynihan noted last month on a conference call with analysts. The savings are also being used to fund investments in the bank, including in technology, he said.

Also, as the bank cuts jobs in some areas, it is adding them in others, such as sales staff in branches, Moynihan said.

Bank of America’s cuts come as other big banks continue slashing employees at a time of stubbornly low interest rates, falling oil prices and concerns about slowing growth in China. Earlier this month, Wells Fargo began cutting jobs in its securities unit, including positions in Charlotte, sources familiar with the situation told the Observer.

Deon Roberts: 704-358-5248, @DeonERoberts

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