Bank of America has kicked off a round of layoffs at multiple locations. Though the number of workers and the types of jobs weren’t revealed, at least some are in the company’s Charlotte, N.C., Global Technology and Operations unit, according to the Charlotte Observer.
One Charlotte-based technology employee said that the laid off workers will come from both inside and outside the U.S. The employee, who spoke to the paper under the condition of anonymity, said that he or she personally gave two-week notices to four employees on Wednesday. Two were U.S.-based, but work outside of North Carolina. The other two work outside of the U.S.
The employee also said that the layoffs result from a close scrutiny of the overhead in the bank’s technology operations. “We need to eliminate a lot of the older and overarchitectured infrastructure,” he or she said. The employee also noted that the bank has cut other technology workers in Charlotte in recent years, but couldn’t give a number.
The recent layoffs are a part of CEO Brian Moynihan’s Project New BAC, a streamlining initiative set to save the bank $8 billion a year by mid-2015. Bank of America also slashed jobs in its mortgage unit in 2013, citing the mortgage and refinance slowdown. At the end of 2013, the company had 242,117 full-time employees, down 9 percent from the year-ago quarter.
“These notifications reflect previously announced efforts to reduce our size, resolve legacy issues and simplify the company for our customers and clients,” the bank said in a statement. Bank of America also noted it will work to find other jobs in the company for those laid off.