The latest round of job cuts arrive as the bank is struggling to return on profitability track and manage its soaring operational cost, as reported by Reuters.
BofA, the second-largest in the US by assets began slashing of nearly 30,000 jobs and $5bn in annual expenses in consumer and technology areas will be implemented over the next several years.
The bank will finalize job cutting program in May next year for the second phase, which covers investment banking, sales and trading, commercial banking and wealth management.
According to industry sources, BofA is also likely to offload some of its wealth management units in Asia, Latin America and Europe, thus reducing its workforce further.
