Bank of America to Cut 30,000 Jobs

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.