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BofA to cut 8000 jobs

News Updates 16 June 2016_html_6c0c6779Bank of America is planning to cut staff in its consumer banking division. It is expected that some 8000 jobs would be affected. The bank had already reduced the staffing in its consumer division from more than 100,000 in 2009 to about 68,400 as of the end of the first quarter of 2016. The bank is transforming its retail financial centers for digital banking. Eventually, the headcount will probably go down to the low 60s. According to CEO of the bank, Brian Moynihan, the bank will have to have more cost cuts even as the bank reported first-quarter net income down 13% from the previous year.

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