Oh, did someone say 10,000? That's embarrassing. Number is actually more like 40,000.
Bank of America Corp. officials have discussed eliminating roughly 40,000 positions during the first wave of a restructuring that Chief Executive Brian Moynihan is expected to discuss Monday, said people familiar with the plans. The numbers aren't final and could change. The restructuring would reduce the bank's work force over a period of years. In fact, Mr. Moynihan may not discuss a job-cut number during next week's presentation at the Barclays Capital 2011 Global Financial Services Conference in New York.
The planned personnel reductions at the largest U.S. lender by assets are part of an overhaul known as "Project New BAC," after the Charlotte, N.C., bank's ticker symbol. The 51-year-old Mr. Moynihan is trying to bolster profits amid concerns about Bank of America's exposure to the slowing U.S. economy and a slew of mortgage-related losses and lawsuits...With Project New BAC, the bank hopes to make a strong statement to Wall Street about its commitment to getting leaner, these people said. Rivals such as J.P. Morgan Chase & Co., the second-largest lender in the U.S., operate with far fewer people.
Anyway, sorry for the mix-up! You know how it is. Glad we're all on the same page now.