CEO Brian Moynihan said that instead of laying off employees, he would allow some positions to go vacant as employees voluntarily leave.
CHARLOTTE, NC. Bank of America, one of Charlotte’s largest employers, said it is preparing to cut its workforce to cut costs amid revenue pressures facing the industry.
CEO Brian Moynihan said that instead of laying off employees, he would allow some positions to go vacant as employees voluntarily leave.
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Moynihan said the company will have the opportunity to transform its workforce through relocation and retraining.
The company’s workforce has grown from about 205,000 to 215,000 in recent years, and it is currently working to reduce the workforce.
“You can manage the number of people if you get in front of it and start working on it,” Brian Moynihan said.
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