...needs a few more years to get through its "cost-cutting initiative."
Head count dropped by 3,000 from last quarter, the bank said today. Bank of America this quarter entered the second phase of "Project New BAC," its companywide cost-cutting initiative, targeting a $5 billion reduction in spending by the bank by the end of 2014. Some of that will come from job cuts, the bank has said, as it plans to reduce the number of positions at the bank by 30,000 over the next three years...The current phase of New BAC will be focused on saving money in its commercial banking, global wealth and investment management, world-wide corporate banking, global markets and some support functions. The spokesman could not confirm that future reductions will be limited only in these businesses, as "some of the ideas that came from Phase 1 will take a number of years to implement."