New York, NY, United States (4E) – Bank of America Corp. announced on Tuesday that it is closing down its technology and operations sites overseas including in the Philippines, Mexico and Costa Rica.
A person familiar with the plan said that around 3,000 employees will lose their jobs because of the move.
Over the past few years, Bank of America has been cutting jobs as well as reducing branches and business units in an attempt to trim down to bounce back from the financial crisis. The bank has cut around 46,000 jobs, which represents 16 percent of its workforce, since the end of 2010.
The shutdowns are part of the bank’s ongoing review aimed to balance capacity across different sites, make the best use of resources, and simplify the company for its worldwide customers and clients, according to company spokesman Dan Frahm.
The second-biggest U.S. bank by assets said the shutdowns are expected to be completed in nine to 12 months. The bank “has a strong track record” for helping terminated employees find new jobs outside of the company, said Mr. Frahm.