Bank of America says it is cutting 30,000 jobs in the coming years as it looks to slash annual expenses by US$5 billion, but investors were disappointed in the scant new detail the bank provided about its plans. The bank's chief executive, Brian Moynihan, said Bank of America is focusing for now on cutting costs in consumer banking and is taking steps like combining data centers to reach its target. Many of the job cuts will come from attrition [...]
Inland Revenue has confirmed it's cutting 156 jobs from its regional offices. The affected branches are Rotorua, New Plymouth, Napier, Nelson and Invercargill. Deputy Commissioner Carolyn Tremain said the original proposal was for 191 job losses, but after consultation with staff the number has been reduced to 156. She said IRD will keep its offices, but where and how it does some work would change. The process is expected to take 18 months, and will start early next year.