{"id":32305,"date":"2017-06-15T06:22:30","date_gmt":"2017-06-15T06:22:30","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=32305"},"modified":"2017-06-15T06:22:30","modified_gmt":"2017-06-15T06:22:30","slug":"bank-of-america-to-lay-off-more-workers","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/bank-of-america-to-lay-off-more-workers.html","title":{"rendered":"Bank of America to lay off more workers"},"content":{"rendered":"<h2 style=\"text-align: justify\"><span style=\"font-size: 18pt\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;color: #000000\">Bank of America to lay off more workers<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Bank of America Corp has begun laying off employees in its operations and technology division, part of the second-largest U.S. bank&#8217;s plan to cut costs.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">On Wednesday the bank cut jobs across that division, many of which came from its Charlotte, N.C., headquarters, a spokesman said. He would not specify the number of jobs lost.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The cuts come as Bank of America is aiming to cut costs to boost financial targets Chief Executive Brian Moynihan has set.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Although Bank of America is also hiring, the employees that it is trying to reduce cost more than those who are joining, Moynihan said at a conference last month. The bank has also been cutting costs by shuttering data centers and moving information to less costly systems run by technology firms.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">For any large bank, technology and operations costs run high. Old systems are reliable but dated, while new ones are expensive to develop.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Separately, at a conference on Wednesday, Chief Operating Officer Tom Montag said the global banking and markets unit has roughly 1,300 applications that cost about $1.3 billion to maintain and run. As the bank sorts through those platforms and decides which to eliminate, some jobs will be lost, said spokesman Dan Frahm.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The Charlotte Observer first reported layoffs at Bank of America&#8217;s headquarters.<\/span><\/p>\n<p><span style=\"color: #000000;font-size: 8pt\">Source:-\u00a0http:\/\/www.reuters.com\/article\/us-bank-of-america-layoffs-idUSKBN1960AD<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/bank-of-america-to-lay-off-more-workers.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Bank of America to lay off more workers Bank of America Corp has begun laying off employees in its operations and technology division, part of the second-largest U.S. bank&#8217;s plan to cut costs. On Wednesday the bank cut jobs across that division, many of which came from its Charlotte, N.C., [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":32306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[19966,15191,19967,19968],"class_list":["post-32305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bank-of-america-to-lay-off-more-workers","tag-brian-t-moynihan","tag-dan-frahm","tag-thomas-k-montag"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/32305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=32305"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/32305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/32306"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=32305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=32305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=32305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}