By Christina Rexrode
Bank of America Corp. said Tuesday that it is shutting its
technology and operations sites in Taguig City, Philippines;
Guadalajara, Mexico; and San Jose, Costa Rica.
About 3,000 employees will lose their jobs, according to a
person familiar with the situation.
Bank of America, which is the second-biggest U.S. bank by
assets, has been slashing jobs, branches and business units for
several years as it tries to slim down to recover from the
financial crisis. The bank has shed about 46,000 jobs, or 16% of
its workforce, since the end of 2010.
Spokesman Dan Frahm said the shutdowns are part of the bank's
ongoing reviews meant to "to make the best use of our resources,
balance capacity across our sites and simplify our company for our
customers and clients around the world."
The shutdowns will occur over the next nine to 12 months. Frahm
said the bank "has a strong track record" for helping laid-off
employees find new jobs outside of the bank.
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