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BofA To Shred 30,000 Jobs

Bank of America has confirmed it will cut thousands of jobs over the next several years. In the last week, rumors around potential job losses at the North Carolina-based bank ranged from 30,000 all the way up to 40,000 layoffs. Today, the bank confirmed the 30,000 figure. Bank of America has been working for several months on finding ways to streamline its operations. The jobs cuts announced today are the first of several phases. The bank has watched its stock prices sink this year, and it faces billions of dollars in lawsuits over mortgage-backed securities its subsidiary Countrywide Financial sold during the housing boom. Bank of America hasn't given an exact timetable for the layoffs, but says the cuts should save $5 billion a year by 2014. WFAE will have on this story during All Things Considered and Tuesday's Morning Edition.