Dan Fitzpatrick of the Wall Street Journal reported that Bank of America is planning to eliminate more than 10,000 jobs.
Project New BAC a reorganization project 3500 employees will get fired this quarter and later 6500 will get fired.
44 executives are in charge of this project which will fire 10,000 employees.
They've been given the euphemistic nickname "catalysts."
10,000 employees amount to only 3.5% of the company's global work force
3500 employees include "hundreds" of employees in investment banking and trading, with about 3%-5% of those divisions eliminated.
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Tags- Bank of America Employees 10,000 Fire Axe Project New Bac Catalysts 44 executive