Bank of America said to cut up to 8,000 retail jobs
Bank of America may cut up to 8,000 jobs at its consumer division as the digital banking revolution reduces the need for back office staff and bank tellers.
Bank of America Corp.
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11:10 25/04/24
According to the Financial Times, the overall headcount is expected to drop by several thousand as the number of consumers visiting branches falls.
The FT cited people with knowledge of the bank’s plans as saying that the reduction would come mostly from so-called attrition of back-office employees, meaning staff leaving would not be replaced, rather than actual lay-off programmes.
Thong Nguyen, the bank’s president of retail banking and co-head of consumer banking said at a conference on Tuesday that it has already cut the staff in its consumer division to around 68,400 at the end of the first quarter from 100,000 in 2009.
The Financial Times said that number was likely to fall to the low 60s.
At 1515 BST, Bank of America shares were up 2.9% to $13.64.