Major bank to cut 30,000 jobs

Major bank to cut 30,000 jobs

POSTED: Monday, September 12, 2011 - 2:00pm

UPDATED: Monday, September 12, 2011 - 2:46pm

The Bank of America says it must cut jobs to save money.

The bank plans to cut about 30,000 jobs over the next few years, as it tries to recover from fallout over the housing bust.

CEO Brian Moynihan says Project New BAC will save the bank about $5 billion a year through 2014.

Many of the cuts are expected to come through attrition and eliminating unfilled positions.

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