Bank of America is relinquishing its position as the country’s largest banking employer by ramping up its pink slip issuance to 16,000 workers company-wide by year’s end, reports the Wall Street Journal. These cuts will bring the bank’s employee tally to 260,000 – lower than JPMorgan, Wells Fargo and Citi.
The paper writes: The plan is designed to make the company take less risk, generate more revenue out of existing customers and use an investment banking operation inherited from Merrill Lynch & Co. to become a major deal maker around the world.
The new model has meant recent shedding several international credit-card units, private equity businesses, an insurance unit and investments in overseas banks. Consumer customers may notice fewer branches and a smaller mortgage business.
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