It's anyone's guess if Bank of America's plans to eliminate approximately 30,000 jobs "over the next few years" will impact the bank's employees in Western New York.
The Charlotte, N.C.-headquartered financial giant announced the cuts Monday during the company's presentation at the Barclays Capital 2011 Global Financial Services Conference. The reductions are part of the bank's new effort -- dubbed "New Project BAC" -- to trim $5 billion in annual expenses by the end of 2014.
A geographical breakdown of the job cuts is not yet available, according to a bank spokesperson. Right now, the bank employs roughly 2,000 people in the Buffalo area, the spokesperson said.
Bank of America is the sixth-largest bank in the region, claiming 3.2 percent of the deposit share, according to the most recent market-share data available from the Federal Deposit Insurance Corp. A year ago, it had $1.2 billion in local deposits.
The bank's restructuring initiative includes management reorganization and the sale of non-core business units and assets. Officials are wrapping up the first phase of the comprehensive review that began in 2010 and plan to start the second phase in October.