Bank Of America Cuts Workforce As ATMs Increase, Branches Decrease

By Tomi KilgoreMarketWatch Pulse

Bank of America Corp. said on Wednesday that it reduced its full-time workforce by 2,979 employees, or 1.4%, to 216,679 during the second quarter, as the number of branded automated teller machines (ATMs) increased by 0.6% to 15,992 and the number of U.S. financial centers declined by 1% to 4,789. Over the last year, the number of full-time BofA employees has declined 7.1%. Earlier, BofA reported second-quarter earnings and revenue that beat expectations. The stock, which climbed 2.9% in premarket trade, had rallied 9.5% over the past three months through Tuesday, while the S&P 500 has inched up 0.1%. On Tuesday, fellow moneycenter bank J.P. Morgan Chase said its headcount declined by 3,686, or 1.5%, during the second quarter to 237,459.

Copyright © 2015 MarketWatch, Inc.

Continue Reading Below