NEW YORK (CNNMoney) — Bank of America said Monday that it plans to eliminate 30,000 jobs as part of a plan to save $5 billion.
The announcement came after Chief Executive Brian Moynihan outlined the bank’s strategy at an investor conference in New York.
BofA has already disclosed plans to eliminate a total of 6,000 jobs this year. And it recently announced a management shakeup that effectively will split the bank into two units: one serving consumer and one serving commercial clients.
The bank said it expects a “significant portion” of the reduction in headcount to occur through attrition and the elimination of unfilled positions. BofA had a total of 287,000 employees as of June 30.