Bank of America will cut 30.000 jobs over the next few years

Over the next few years, Bank of America will lay off around 30.000 people, ie 10% of the total. The operation is part of a vast restructuring project which initially envisaged the cut of 40.000 units and which has now been slightly scaled down and called "Project new Bac" Bank of America has approximately 73 billion in annual expenses, excluding impairment on the goodwill which he can use as a basis for cuts. The goal is to bring the expense/income ratio to 55%. On Wall Street there is a good reaction: Bofa gains 0,7%, in contrast with the -0,5% of the Dow Jones.