Bank of America Will Cut 30,000 Jobs and $5 Billion in Annual Expenses [Updated]

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Those are large numbers. The scaleback will be put in place over the next three years, and most of the initial cuts will come in consumer banking and internal "systems architecture." Another large number: the 150,000 (!) cost-cutting ideas a group of 50 senior employees is currently reviewing. Are they trying to outdo Congress? [Reuters]

This post has been updated with new information from Bank of America.

Earlier: Bank of America Had a ‘Tuesday Massacre’