Is this guy the kiss of death or what?
Bank of America plans to cut 30,000 jobs as it re-focuses its business on international and corporate lending, it said in a company statement.
There's been word that the jobs will be cut in the U.S., but there is not confirmation of that today. The announcement simply refers to "layoffs," with no mention of whether it's globally or not.
However Moynihan said that layoffs would affect those areas under review in Phase 1 of Project New BAC.
That means these units are getting chopped: the consumer and small business banking, credit card, home loans, global tech and operations, and support areas.
The layoff plans were anticipated last week, as people familiar with BofA said it would cut from 30,000 to over 40,000 employees.