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As mobile numbers rise, BofA announces more job losses

15 June 2016  |  5702 views  |  0 Bank of America signage

Bank of America is to slash about 8000 jobs from its consumer banking division and further trim its branch network as the digital revolution in financial services gathers pace.

The US bank has already slashed branch numbers by a quarter over the past seven years as more customers conduct their financial transactions online and via mobile. The bank hit another milestone in mobile service delivery two weeks ago, when it announced that 20 million customer had signed up for m-banking.

In the latest round of cuts, the bank is looking at natural wastage to reduce the number of back office staff and tellers, while it repositions its branches as sales outlets.

Retail president Thong Nguyen told a conference that the bank was reinvesting the savings made from branch closures and staff reductions under a major refurbishment programme. "For three people that I'm taking out of the teller line, I'm going to reinvest two into the sales force," he said.

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