Bank of America slashes 1,000 tech jobs

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Bank of America slashes 1,000 tech jobs

The Bank of America said it will cut about 1,000 technology and back-office jobs in a cost-savings move related to both tough economic times and the ability to handle internal processes more efficiently.

The cuts will take place in the first quarter and are part an overall cost-reduction plan throughout the company that was first announced in November, said spokeswoman Lisa Gagnon. "There is no grand plan to outsource. These are cuts being made because of the economy."

Although the cost reductions are companywide, the layoffs are in the technology and operations division.

Last month, the bank cut 225 jobs in the technology and operations area as part of the planned cuts. Out of 134,000 employees worldwide, that division employs 22,000. The recent cuts are being made at technology centres in the US.

Gagnon said the technology area is a smaller portion of the overall cuts than those in the operations department, where back-end processing of cheques and deposits occurs.

Those cuts were enabled, in part, by more efficient use of technology, Gagnon said. "We've undergone lots of quality and productivity initiatives that are helping us work smarter and more efficiently, through technology and better work processes."


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