Bank of America (BofA) is, reportedly, planning to lay off an undisclosed number of employees at its global technology and operations units across the world.
BofA’s technology business unit has around 100,000 employees worldwide, with headquarters Cathy Bessant at Charlotte, reported The Charlotte Observer.
The move is part of BofA’s cost-cutting initiative, Project New BAC, which aims to save $8bn per year for the bank by mid-2015.
BofA was quoted by the website as saying that these notifications reflect previously announced efforts to reduce their size, resolve legacy issues and simplify the company for their customers and clients.
BofA assured the affected workers to help find other jobs in the company.
According to the recent securities filing, BofA had cut 25,073 jobs in 2013, and is left with 242,117 employees as of December 2013.
In addition to jobs, BofA has also closed some its branches under the Project New BAC. In 2013, it closed 327 branches in the US and is now left with a total of 5,151.