Bank of America Announces California Job Cuts

Bank of America, one of the largest financial institutions in the country, recently announced it plans to slash 450 finance jobs in Concord, California, as part of a shutdown of the bank's consumer services and operations units in the city.

The Contra Costa Times reports Colleen Haggerty, a spokeswoman for Bank of America, said the business units will be closed in May 2012. The employees losing their jobs were reportedly informed this week, and will have opportunities to apply for other jobs with the company or could be eligible for severance.

This action is designed to consolidate our operations, reduce cost and increase efficiency," Haggerty explained, according to the news source.

The job cuts are reportedly part of Bank of America's plans to eliminate 30,000 jobs overall to cut expenses by as much as $8 billion per year, the news source said. Haggerty noted that Concord is still an important hub for the bank, which employs thousands in the area.

The announcement comes as the financial institution recently settled a lawsuit related to mortgage modifications that was filed by the state of Nevada, Bloomberg reports.