Bank of America has begun laying off employees in its operations and technology division, part of the second-largest U.S. bank’s plan to cut costs.
On Wednesday the bank cut jobs across that division, many of which came from its Charlotte, N.C., headquarters, a spokesman said. He would not specify the number of jobs lost.
The cuts come as Bank of America is aiming to cut costs to boost financial targets Chief Executive Brian Moynihan has set.
Although Bank of America is also hiring, the employees that it is trying to reduce cost more than those who are joining, Moynihan said at a conference last month.
