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Bank of America is set to cut up to 16,000 jobs by year-end, reports Tom Braithwaite of Financial Times.
This will bring its total headcount to 260,000, down from 288,000 in 2010.
Read: Morgan Stanley revenue tanks; Bank of America beats targets
The cuts are part of a cost-cutting initiative, “New BAC,” a broad efficiency drive by BofA. The goal is to cut costs by $5 billion in a first phase targeted at the group’s retail business, writes Braithwaite.
Bruce Thompson, chief financial officer told a Barclays conference the company was ahead of schedule in getting 20% of those savings by year-end, adds Braithwaite.