Citing an ongoing effort to improve efficiency, Bank of America Corp. is cutting 550 jobs nationwide, including 110 in Charlotte, a spokeswoman said Wednesday.
The Charlotte bank is eliminating 250 jobs in technology operations and 300 positions in the treasury services unit that manages money for corporate clients. The layoffs hit multiple locations around the country.
The treasury unit, which is losing 40 positions in Charlotte, is shifting resources in order to invest in growing areas of the business, spokeswoman Shirley Norton said. Overall, the unit plans to add jobs this year, she said.
The technology positions support various parts of the bank. In recent years, Bank of America has been trimming this work force and sending some functions to a subsidiary in India.
The laid-off employees will receive severance and can apply for other jobs in the company, Norton said. Bank of America employs more than 203,000 worldwide, including about 15,000 in the Charlotte area.
The move comes a week after the company reported record 2006 profits of $21.1 billion. Banks, though, are slashing costs in search of growth this year. N.C's BB&T Corp. said Tuesday it's cutting 700 jobs.
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