Bank of America Confirms 30,000 Layoffs

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Bank of America announced Monday morning plans to lay off 30,000 employees over the next few years. The largest bank in the country, Bank of America has battled a plummeting stock price and a pile of bad mortgages.

In a statement, the bank said its goal is "not a given number of job reductions," but to focus "all of its resources on serving individuals, companies, and institutional investors."

The Charlotte, N.C.-based bank said it will cut $5 billion in costs.