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10 Banks With Looming Layoffs

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Bank of America

Bank of America (BAC - Get Report) is eliminating several retail branches across the country as part of an overall restructuring effort, which means it will also be eliminating more jobs.

The bank has said it will close several of its 5,856 retail branches this year and try to boost revenue by offering investment advice through using video conferencing, according to Bloomberg. . No word on how many positions will be eliminated as it closes those branches.

Bank of America is also continuing to eliminate non-core businesses and discontinue partnerships like its partnership with the state of New York for a tax center near Kingston, New York. That may possibly mean the elimination of 100 Bank of America full time employees. The site also employs 1,500 seasonal workers on-site through May. The bank has not made any final decisions on cutting the positions, but is considering it as more and more people file taxes electronically, according to The Times Union.

The bank also laid off employees in its Global Technology & Operations division in December and Capital Markets divisions. Bank of America is also rumored to be laying off junior bankers in its investment banking division.
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