NPR logo
Bank Of America To Lay Off More Workers
  • Download
  • <iframe src="https://www.npr.org/player/embed/151745677/151745668" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Bank Of America To Lay Off More Workers

Business

Bank Of America To Lay Off More Workers

Bank Of America To Lay Off More Workers
  • Download
  • <iframe src="https://www.npr.org/player/embed/151745677/151745668" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

The nation's second-largest bank is planning to layoff about 2,000 people at its investment banking, commercial banking and wealth management units, according to The Wall Street Journal. The cuts are notable because they include high earning employees in operations that account for most of Bank of America's profits since the financial crisis.

STEVE INSKEEP, HOST:

NPR's business news begins with more job cuts at Bank of America.

(SOUNDBITE OF MUSIC)

INSKEEP: The Wall Street Journal reports that the nation's second-largest bank is planning about 2,000 layoffs at its investment banking, commercial banking and wealth management units. These cuts are notable because they include high-earning employees in operations that account for most of Bank of America's profits since the financial crisis.

The new cuts are in addition to the 30,000 layoffs in the bank's consumer banking divisions that were announced last year. And these cuts are described as part of the CEO's effort to rein costs at a time of lackluster growth. In the last two years, Bank of America's personnel expenses rose 17 percent while revenue dropped by 22 percent.

Copyright © 2012 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.