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Tuesday, September 13, 2011

Will Bank of America's Cuts Hit WNY?

It’s anyone’s guess if Bank of America’s plans to eliminate approximately 30,000 jobs “over the next few years” will impact the bank’s employees in Western New York.

The Charlotte, N.C.-headquartered financial giant announced the cuts Monday during the company’s presentation at the Barclays Capital 2011 Global Financial Services Conference. The reductions are part of the bank’s new effort –- dubbed “New Project BAC” –- to trim $5 billion in annual expenses by the end of 2014.
A geographical breakdown of the job cuts is not yet available, according to a bank spokesperson. Right now, the bank employs roughly 2,000 people in the Buffalo area, the spokesperson said.
Bank of America is the sixth-largest bank in the region, claiming 3.2 percent of the deposit share, according to the most recent market-share data available from the Federal Deposit Insurance Corp. A year ago, it had $1.2 billion in local deposits.
The bank’s restructuring initiative includes management reorganization and the sale of non-core business units and assets. Officials are wrapping up the first phase of the comprehensive review that began in 2010 and plan to start the second phase in October.

(Source -

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