Bank of America to Cut 30,000 Jobs

    A Bank of America Corp. sign is illuminated outside a branch in Charlotte, North Carolina, U.S., on Friday, April 15, 2011. Bank of America Corp., the largest U.S. lender by assets, reported its first profit in three quarters and settled more claims tied to faulty mortgages as an improving economy helped borrowers keep up with debts. Photographer: Chris Keane/Bloomberg via Getty Images

    Chris Keane / Bloomberg-Getty Images

    Bank of America on Monday confirmed previous reports that it will slash 30,000 jobs over the next few years in an effort to save $5 billion a year by 2014. Most of the cuts will come through attrition and eliminating unfilled positions, the bank said. Bank of America’s stock fell 47 percent in 2011, mostly over poorly written mortgages it obtained in its 2008 purchase of Countrywide Financial Corp.

    Read it at Associated Press