By DAVID BENOIT
NEW YORK—Bank of America Corp. will cut $5 billion in annual costs by the end of 2013 and slash 30,000 jobs out of its consumer-oriented businesses, part of an important trimming program at the bank.
Chief Executive Brian Moynihan, speaking at the Barclays Capital financial conference in New York, reiterated promises to trim excess expenses and businesses to reshape the nation's biggest bank by assets and put behind it a series of missteps. Mr. Moynihan has sold off businesses and investments and is now working on the final details of what has been dubbed "Project New BAC."
Mr. Moynihan said Monday that the planning for the first phase of Project New BAC has been completed. The bank will take the $5 billion, or about 18%, in annual expenses out of $27 billion in consumer and small banking expenses, card costs, global technology and other areas. Read more
