Bank of America plans to cut 3,500 jobs company-wide in the current quarter in an effort to cut expenses. This totals to more than one percent of its worldwide workforce.
The bank is the largest nationwide and in Massachusetts, The Boston Globe reports. Bank of America has confirmed that it will continue to review the necessity of jobs at the company, which could result in many more jobs cut.
“The company regularly assesses the efficiencies of its operations and will make adjustments,” said Bank of America spokesman Scott Silvestri, according to The Globe.
This round of cuts comes on the heels of the 2,500 jobs eliminated at Bank of America earlier this year in order to boost profits.
Massachusetts will likely feel the effects of the cuts because it is one of the company’s largest areas, behind North Carolina and New York. The bank also plans to close a printing company in Malden next spring, which will get rid of 150 jobs.
Bank of America has incurred billion of dollars in losses because of the troubled economy. In the second quarter, they reported $8.8 billion in losses, mainly due to an $8.5 billion settlement with investors who wanted the bank to buy back toxic mortgages handled by Countrywide Financial Corp., who the company had bought out in 2008.