Later in the day, Bank of America released a statement that it planned to eliminate 30,000 jobs “over the next few years,” finally confirming an endless stream of "informed rumors" on the Street.  A 30,000 job reduction, which would represent about 10% of the bank’s work force, had been expected.

At a Barclays conference on Monday, CEO Brian Moynihan discussed plans for an overhaul that would produce $5 billion in cost savings.  But he did not make any reference to job cuts, saying instead that the savings would come primarily from merging assets the bank had acquired through acquisitions.

The statement that followed Mr. Moynihan’s presentation indicated that as a review of its consumer businesses and support functions got under way, “employment levels in the areas under review during Phase I are expected to be reduced by approximately 30,000 jobs over the next few years.” 

The bank added that it expected attrition and the elimination of appropriate unfilled roles to play “a significant part” in achieving the anticipated decrease in jobs.  No specifics were provided on where jobs might be eliminated.   [Dealbook, 9/12/11]