BoA to axe further 30,000 bank jobs

Bank of America announced 30,000 job cuts yesterday in a bid to save $5 billion (£3bn) a year.

The troubled bank says it expects many of the cuts will come through attrition and eliminating unfilled positions over the next few years, and will total about 30,000.

The bank’s shares have lost 47 per cent this year over problems related to mortgages it acquired with its 2008 purchase of Countrywide Financial.