Bank of America, which in recent years has slashed more staff than many of its peers, is nearing an employment milestone: It might soon have fewer workers than it did before its last two major acquisitions.
The Charlotte bank reported having 213,000 employees worldwide at the end of last year, only 6,000 more than it had in June 2008. That was shortly before it added tens of thousands of workers by buying Countrywide Financial that same year and Merrill Lynch in 2009.
Under CEO Brian Moynihan, who took over in 2010, the bank has trimmed roughly one-quarter of its workforce, partly through attrition.
Last year alone, the bank cut more than 10,000 jobs. More job cuts are expected, as Moynihan focuses on reducing expenses and improving efficiencies.
by Michael Lowrey
