BofA lays off more than 100 employees last week: Report

BofA lays off more than 100 employees last week: Report

"Bank of America Corp eliminated more than 100 jobs in its consumer and small-business banking unit late last week," The Wall Street Journal reported quoting a spokesperson as saying.

The cuts were spread across the country and represent a small percentage of the division's 95,000 workers, the report added. According to the publication, the reductions are part of a larger effort to adjust the retail unit amid regulatory curbs on revenue and a push from leadership to cross-sell customers who interact with the retail, corporate and wealth-management parts of the bank.

Meanwhile, the report said the bank also intends to close or consolidate about 10 per cent of its branches over the next few years.