BANK OF AMERICA DECIDED TO CUT 30,000 JOBS; INVESTORES WERE DISAPPOINTED

Bank of America Corp has decided to cut  30,000 jobs in the coming years as it looks to slash annual expenses by $5 billion, but investors were disappointed with the new details provided by banks about their plans.

Brian Moynihan, The bank's chief executive, said Bank of America is focusing on costs cutting  in consumer banking and is taking steps like combining data centers to reach its target. Many of the job cuts will come from attrition and eliminating positions that are open now.

Bank of America's shares have lost more than half their value this year as mortgage litigation and a weakening economy threatened to sap the bank's profits for years.

Media reports last week said the bank could cut as many as 40,000 jobs, and many investors had hoped the bank would announce a dramatic turnaround plan on Monday to show how it is addressing its difficulties.Bank of America shares were down 2 cents at $6.96 on Monday afternoon on the New York Stock Exchange