Remember Project New BAC, i.e. Bank of America's plan to transform itself from Ken Lewis's house of fun, where everyone went home happy but the concept of making money was less of a focus than keeping the good times coming, to an institution that did things like post profits? The bank has said previously that PNBAC "will result in $8 billion in annual savings by 2015—$5 billion from the first phase and $3 billion from a second phase" and while it stands by those figures and remains committed to cutting as many employees as it takes, some people would like them to be a bit snappier about it. Bank of America is accelerating a broad cost-cutting plan and has set a target of shedding 16,000 jobs by year's end—cuts that would see the company relinquish its title as U.S. banking's largest employer. The proposed year-end total of 260,000 would be the lowest count since 2008 and likely give Bank of America a smaller workforce than JPMorgan Chase, Citigroup, or Wells Fargo...Chief Executive Brian Moynihan is trying to speed the company's transformation into a smaller and more efficient operation as he tries to persuade investors that expenses can be adjusted to compensate for revenue lost to new regulations, an uneven economy and shaky markets. Since becoming CEO in 2010, he has shifted away from a nationwide expansion strategy embraced by his predecessors Hugh L. McColl Jr. and Kenneth D. Lewis, and shed many of the businesses that he considers to be nonessential...Hitting the new staffing target would fulfill a year early Mr. Moynihan's pledge to slash the bank's workforce by approximately 30,000. "If they want to make any headway toward improving profitability," said Sterne Agee & Leach Inc. senior banking analyst Todd Hagerman, "they need to accelerate the timeline." Bank Of America Ramps Up Job Cuts [WSJ]

Actually, we don't know several dozen employees in  the bank's global markets unit in Asia are going to be fired, only that these cuts are not part of Project New BAC (the company's plan to save $8 billion by laying off 40,000), so "just for fun" is one possibility. Bank of America plans to cut about 40 jobs at its global markets unit in Asia, a person with knowledge of the matter said. The reductions aren’t part of the Project New BAC program announced last year to pare expenses, according to the person, who asked not to be identified because the matter is confidential and declined to provide additional details. Shirley Wong, a Hong Kong-based spokeswoman for the Charlotte, North Carolina-based bank, declined to comment. [Bloomberg]

Others have found courage in his fight.

In April 2010, Bank of America said ENOUGH. Enough with this losing of money business. We want to know what it's like to have a quarter in which we actually make a little-- wouldn't that be something? As this was a very lofty goal for the firm, the higher-ups knew they had to get serious-- really focus and hone in an on plan of action. First, they gave their new (money-making) mission a special codename: Project New BAC. Then, 44 executives "fanned out around the company to ask employees low- and high-level for ideas on how BofA [could]...reduce expenses." As we now know, what they came up with re: the reduction of expenses was that 30,000 people should be fired and over the last year, exactly that has happened. And even though a whole bunch of senior people have quit, which has helped the bottom line a bit, it hasn't been enough for meddlesome investors to put a sock in it re: "reining in expenses" and "profit outlook" in general. So, a couple things are going to happen: 1. A whole bunch of well-paid* bankers are going to be escorted out of the building and 2. In order to pick up the slack left, clusters of junior bankers are going to put in a van which will drop them off in whatever division needs them most at the time. The Charlotte, N.C., company is planning about 2,000 staff cuts in its investment banking, commercial banking and non-U.S. wealth-management units, said people familiar with the situation. Those operations were vastly expanded with Bank of America's 2009 purchase of Merrill Lynch & Co. The reductions are significant because of whom they target: the high-earning employees whose efforts helped Merrill Lynch account for the bulk of Bank of America's profit since the financial crisis. The cuts come on top of a plan announced last year that will see Bank of America eliminate 30,000 jobs over three years in its consumer banking divisions...The No. 2 U.S. bank by assets already is facing a wave of high-profile defections in its institutional businesses, such as investment banking, amid Wall Street's annual post-bonus job-hopping season. The upheaval comes as investors are pressuring banks to rein in expenses without giving ground competitively. Despite a 46% rise this year, Bank of America shares have lost a third of their value in the past year, amid questions about the industry's profit outlook. Cutbacks aren't Bank of America's only response to surging costs. The bank is loath to cut too deeply in businesses, such as the fixed-income trading operation, that are showing improvement and highly competitive. One structural shift being planned will pool junior investment-banking employees across different industry sectors so the younger bankers can be routed to whatever area is most in demand at that moment, said people familiar with the situation. Proponents say that move will help younger workers gain more experience, while others say it will detract from the bank's service to clients. BofA To Cut From Elite Ranks [WSJ] *For BofA.