Bank of America will cut 30,000 jobs

By the Associated Press | September 12, 2011 | 11:25 AM EDT

FILE - In this April 12, 2011 file photo, Bank of America CEO Brian Moynihan speaks during a summit on consumer protection by the National Association of Attorneys General in Charlotte, N.C. A lot rests on embattled CEO of Bank of America Brian Moynihan’s ability to articulate his vision for the future of the nation's largest bank in an address to investors Monday, Sept. 12, 2011. (AP Photo/Chuck Burton, File)

CHARLOTTE, N.C. (AP) — Bank of America says it will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year.

The troubled bank says it expects many of the cuts will come through attrition and eliminating unfilled positions.

The company says the number of job cuts isn't fixed, but that it expects they will total 30,000.

The Charlotte, N.C. bank's stock has lost 47 percent this year, largely over problems related to poorly-written mortgages it acquired with its 2008 purchase of Countrywide Financial Corp.

The job cuts are part of the first phase of a cost-cutting program the bank calls "Project New BAC." It hopes to achieve the $5 billion in annual cost savings by 2014.