Bank Of America Has Eliminated 12,000 Jobs In The Last Year

Brian Moynihan Bank of America CEO layoffs Wall Street

Bank of America, which reported better-than-expected quarterly results this morning, said it now employs 12,624 fewer workers than it did in the year ago period.

The cuts come as it implements Project New BAC, a series of cost cutting initiatives meant to lower expenses at the bank.

Excluding the increases in payrolls to handle government and private programs for housing, the bank said it employed roughly 20,000 fewer employees from June 2011.

Over the past three months, Bank of America saw its headcount decline to 275,460 full-time employees, down 3,228 from the end of March.

As part of its expense management program, the Charlotte, N.C., firm now expects to save at least $8 billion a year.

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