Daily Management Review

Bank of America reduced 30% of staff thanks to technology development


10/17/2018


Since 2010 The American banking giant Bank of America has reduced staff by 30% to 204 thousand employees (as per Q3 2018 statistics) due to development of technology and automation of work processes, the bank’s general director Brian Moynihan told CNBC.



Mike Mozart
Mike Mozart
"We had 288 thousand people when I took the position of the head of the bank on January 1, 2010. In the third quarter of this year, we had 204 thousand employees... This is due to the possibility of using technologies for (work) processes, as well as with changing customer behavior," Moynihan said.

The maximum number of people working in the bank in early 2010 was 305 thousand people, he added.

Despite the fact that the bank began to implement its digital strategy back in 2008, it was only with the advent of the first Apple smartphone in 2007 that such a sharp reduction in staff was possible, explained the head of the bank.

He clarified that now about 26 million bank customers use the Bank of America mobile application. The bank serves 67 million customers in total, according to its financial statements for the third quarter, which ended on September 30.

Founded in 1904, Bank of America Corp. is a diversified financial institution. BofA is part of the so-called "big four" of American banks, along with its main competitors - Citigroup, JP Morgan Chase and Wells Fargo.

source: cnbc.com






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