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Bank of America finance.yahoo.com/q?s=BAC" target="_blank">(NYSE: BAC), in what it refers to as "Phase I" of its cost-savings plan, expects to cut approximately 30,000 jobs over the next several years.
According to a company statement, the initiatives resulting from Bank of America's first phase of a comprehensive review of its consumer businesses and support functions will reduce net yearly expenses by approximately $5 billion per year.
Bank of America's comprehensive review initiative continues with "Phase II" in October, during which it will "cover those businesses and operations that were not reviewed in Phase I."
