The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
30,000 - 40,000 jobs Number of planned job losses
Announcement Date
9 September 2011
Employment effect (start)
10 September 2011
Foreseen end date
30 September 2013
Description
The Bank of America estimates that it will cut up to 40,000 jobs worldwide. This would allow the bank to reduce costs by 15 per cent. As of September 2011, the bank did not disclose where the job cuts will occur. The company is going through a radical reorganisation process and the job cuts will be implemented over the next two years. Part of the employment decrease will be reached by attrition.
Close to 30,000 jobs will be lost in a first phase of the restructuring. The group's retail banking business would face a large reduction in this first phase. The second phase of the reorganisation will affect the investment banking and wealth management branches.
Sources
9 September 2011: Financial Times
Citation
Eurofound (2011), Bank of America, Internal restructuring in World, factsheet number 72344, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72344.
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