Bank of America Reportedly to Slash Thousands of Jobs

Shares of Bank of America (BAC) - Get Report are up slightly on Wednesday after reports that it is cutting thousands of jobs. According to a report by the Financial Times, as many as 8,000 jobs are set to go at Bank of America's consumer arm. This comes as the bank undergoes a digital banking revolution and reduces the need for back-office staff and bank tellers. Bank of America has already slashed the headcount at its consumer division by almost 40-thousand since 2009, noted the F-T. However, the bank reportedly does have plans to add sales staff as part of its efforts to improve revenue.

This article was written by a staff member of TheStreet.