Bank of America to cut 30,000 positions

Bank of America, one of the largest employers of UNC graduating seniors, announced Monday its plans to eliminate about 30,000 positions to cut costs.

The position cuts, which comprise about 10 percent of Bank of America’s workforce, will save the bank $5 billion per year by 2014, according to the press release.

Some of the positions slated to be cut are vacant, and instead of filling these positions with new hires — including recent UNC graduates — the bank will eliminate them.

Ray Angle, director of University Career Services, said he is concerned about the potential effects of Bank of America’s latest job cuts on students.

“They have traditionally been one of the employers who most frequently hires our students in the business sector,” he said.

The bank, which is one of the top five for-profit sector hirers of University students, has reduced its interview availability for UNC students this fall.

Bank of America had 364 interviews planned with UNC seniors at the beginning of the fall semester.

But a few weeks ago, this number was reduced to only 156 interviews, Angle said.

He said he hopes Bank of America will make efforts to reorganize and restructure in the future.

Bank of America officials say the cuts will help them become “a more focused, leaner and more efficient company,” according to the bank’s press release.

Heather Havenstein, spokeswoman for the Kenan-Flagler Business School, said she is unsure of how the bank’s change in hiring will affect business students.

“We won’t really be able to assess the impact for at least a few weeks,” she said.

But some students remain confident despite this reduction in potential in-state job opportunities.

Junior Christopher Kah, a business major with an investment focus, said this will not impact his major or career plans.

“It doesn’t change what I’m trying to do at all,” he said.

“Finance is a tough job market, and you just have to believe you can compete no matter how bad the labor market is.”

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