Bank of America to cut 30,000 positions

NEW YORK (NEWSCORE) - Bank of America's stock ticked higher Monday after it said it would cut 30,000 jobs "over the next few years" as part of a review of its consumer business.

The Charlotte, N.C., lender said it expects that attrition and the "elimination of appropriate unfilled roles" will be a significant part of the expected decrease in jobs. Bank of America plans to save $5 billion a year by 2014, as part of a Phase I plan by the bank.

Phase II is scheduled to begin in October and continue through March 2012 to address business segments not yet covered, the bank said. Shares of Bank of America rose 0.7 percent to $7.04 after trading in negative territory earlier in the day.

Read more: http://www.marketwatch.com/Story/Story/?guid={8E93E348-F82A-48A4-B575-DD9616F23892}