Bank of America Corp. officials have discussed eliminating roughly 40,000 positions during the first wave of a restructuring that Chief Executive Brian Moynihan is expected to discuss Monday, said people familiar with the plans.
The numbers aren’t final and could change. The restructuring would reduce the bank’s work force over a period of years. In fact, Mr. Moynihan may not discuss a job-cut number during next week’s presentation at the Barclays Capital 2011 Global Financial Services Conference in New York.
He could choose instead to outline the bank’s expected savings, after telling investors last month that he aims to reduce quarterly expenses by as much as $1.5 billion.
The planned personnel reductions at the largest U.S. lender by assets are part of an overhaul known as “Project New BAC,” after the Charlotte, N.C., bank’s ticker symbol. The 51-year-old Mr. Moynihan is trying to bolster profits amid concerns about Bank of America’s exposure to the slowing U.S. economy and a slew of mortgage-related losses and lawsuits.
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