CHARLOTTE, N.C. — Bank of America, one of the largest banks in the U.S. and one of Charlotte's biggest employers, is preparing to trim its workforce in an effort to cut expenses over fears of a looming recession.
CEO Brian Moynihan said instead of laying off workers, Bank of America will leave some positions unfilled as employees voluntarily leave the company. Instead of laying off existing employees, Moynihan said Bank of America will reshape its staff by moving people around and training them for new roles.
"We don't lay off people, but we have an ability to reshape our head count pretty quickly just by the turnover that occurs," Moynihan told Bloomberg.
Bank of America's staff number has bounced between roughly 205,000 and 215,000 in recent years. Right now, Moynihan said it's working to lower that head count.
"You can manage a head count if you get ahead of it and start working on it," Moynihan said.
Organizations are large as Bank of America are constantly gaining and losing employees. That turnover adds to expenses, with CNBC reporting the attrition rate in the industry is typically at least 10% annually. It can be even higher for lower-paid, more difficult positions, such as local branches and call centers.
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