Bank of America (BAC) has cut some jobs in its commercial banking division as it continues to slim down.
The job eliminations, which included loan processors and bankers in commercial banking offices across the U.S., were part of the cost-cutting initiative called Project New BAC, Reuters reported Tuesday. The bank did not disclose the number of jobs cut, but they are said to be a small percentage of the division. Analysts expect that the company will reveal more about what is currently happening with New BAC during earnings on July 18, Reuters reported.
"We regularly review our businesses to ensure we're best positioned to meet client needs and capture market opportunities as they develop," Bank of America spokesman Jefferson George wrote in an email Wednesday. "We will continue to make strategic hires in growth areas."
Bank of America has been working to increase capital levels and streamline its operations by selling off a number of its business units or stakes in other companies during the last year. Under the first phase of New BAC, the bank said in September that it would cut 30,000 jobs, or roughly 10% of its workforce.
During the second phase of the program, Bank of America will cut jobs in wealth management, capital markets and investment and commercial banking, Reuters reported.