BofA plans 30,000 job cuts in next few years

FILE - A Bank of America sign is shown at a branch at the Bank of America Center in San Francisco, Monday July 17, 2006. (AP Photo/Eric Risberg)

September 12, 2011 9:48:39 AM PDT
The nation's biggest bank announced major cuts today. Bank of America says it will cut 30,000 jobs over the next few years in a bid to save $5 billion a year, that's on top of the 6,000 positions it cut earlier this year.

The financially troubled bank says it expects many of the cuts to come through attrition and eliminating unfilled positions. The bank's stock has lost nearly 50 percent this year. Mostly due to problems related to toxic mortgages it acquired with its 2008 purchase of countrywide.