Bank Of America To Cut 30,000 Jobs, Impact On Arkansas Unknown

Bank of America said Monday it will eliminate 30,000 jobs as part of a cost-cutting plan to save $5 billion by the end of 2013.

The reductions are equal to about 10 percent of the Charlotte-based financial giant’s workforce.

“We don’t have to be the biggest company out there, we have to be the best,” said Bank of America CEO Brian Moynihan today at an investor conference in New York. “We can get out of things we don’t need to do, make the company leaner, more straightforward, more driven.”

Bank of America has a substantial presence in Arkansas, including locations in 19 cities throughout the state. Details of how banking operations in state may be affected are not settled at this time.