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Layoffs Continue to Mount

Bank of America

Bank of America (BAC) confirmed it will slash 30,000 jobs over the next few years.

The layoffs will save the giant bank $5 billion in costs.

"As the decisions are implemented, employment levels in the areas under review during Phase I are expected to be reduced by approximately 30,000 jobs over the next few years," the bank stated. "The company expects that attrition and the elimination of appropriate unfilled roles will be a significant part of the anticipated decrease in jobs."

This makes Bank of America the company with the biggest layoff announcement this year, according to global outplacement firm Challenger Gray & Christmas.

In August, the company said it will layoff 3,500 workers by the end of September across multiple divisions.

Bank of America already announced 2,500 layoffs this year, most recently eliminating 100 positions in Connecticut. This is part of a cost-cutting program announced in May.

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