Bank of America said Monday that it will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year.
The Charlotte, N.C.-based bank says it expects many of the job cuts will come through attrition and eliminating unfilled positions. Bank of America has been working for several months on finding ways to streamline its operations. The job cuts are part of "Phase I" in a cost-cutting program the bank calls "Project New BAC."
"Phase II is scheduled to begin in October and continue through March 2012, and cover those businesses and operations that were not reviewed in Phase I," the bank said in a statement released Monday.
In the past week, rumors about possible cuts at the bank ranged as high as 40,000 jobs.
The troubled bank has watched its stock price sink 47 percent this year, and it faces billions of dollars in lawsuits over mortgage backed securities its subsidiary Countrywide Financial sold during the housing boom. Bank of America bought Countrywide in 2008.
The bank hasn't given an exact timetable for the layoffs, but says the job cuts should save $5 billion a year by 2014.
With reporting from Scott Graf of member station WFAE in Charlotte, N.C. This story contains material from The Associated Press.