Bank Of America To Eliminate Up To 8,000 Jobs In Retail Division: Report
LOS ANGELES (CBSLA.com) — Bank of America is reportedly set to fire as many as 8,000 employees within its retail banking division.
The Financial Times reported Wednesday comments made by BofA's president of retail banking, Thong Nguyen, suggested the bank had roughly 68,400 employees at the end of the first quarter of 2016, a figure that Nguyen said was expected to drop "to the low 60s".
The cuts were expected to come primarily from "attrition" of back-office employees and bank tellers, which suggested staff would not be replaced, The Times reported.
In a press release announcing its 1Q earnings, BofA noted the number of its mobile banking users jumped 15 percent to more than 19 million customers.
The retail division accounts for about 66 percent of the bank's 1Q net income.
There was no immediate comment from BofA in response to the report