Bank of America (NYSE:), the country’s second-largest bank by assets, apparently is speeding up the clock on a previously announced plan to reduce its work force by 30,000, according to a .
The company now plans to lay off roughly 16,000 workers by the end of the year, with many of the jobs coming in consumer banking and mortgage services. A document given to upper management also says the company plans on closing 200 branches this year, the
WSJ reports.
The work force reduction is part of a larger restructuring effort known as Project New BAC, which was unveiled by CEO Brian Moynihan last year. Through Project New BAC, the company also expects to divest non-core assets and thin its managerial herd. Bank of America expects the plan can save the company roughly $8 billion by 2015.
BAC shares were down more than 1% in early Thursday trading.
