Bank of America is planning to cut 16,000 jobs by year end as it speeds up a company-wide cost-cutting initiative amid declining revenues, The Wall Street Journal reported on Wednesday.
Under Project New BAC, Bank of America has said it planned to eliminate $5 billion in annual expenses and 30,000 jobs by the end of 2013, largely through cuts in consumer and technology areas.

Bank of America is one of many financial companies slashing thousands of jobs amid new regulations and a tepid economy that are crimping revenue.

New regulations and decreased revenue. Obama and his minions are putting more people on the government dole.