Bank of America to Cut 30,000 Jobs

September 12, 2011 Updated Sep 12, 2011 at 12:57 PM EDT

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Bank of America to Cut 30,000 Jobs

September 12, 2011 Updated Sep 12, 2011 at 12:57 PM EDT

In an effort to save around $5 billion in annual costs by 2013, Bank of America will cut 30,000 jobs over the next few years, according to a story on Bloomberg.com.

That number represents about 10 percent of the banking giant's workforce, according to the report.

Read the Bloomberg.com story HERE.