BofA Aims to Slash $5 Billion in Annual Costs by End of 2013

Sept. 12 (Bloomberg) -- Bank of America Corp., the biggest U.S. lender by assets, aims to cut about $5 billion in annnual costs by the end of 2013 as it implements a plan to restore profitability and reverse the slide in its stock.

Savings will come from the first phase of the overhaul known as Project New BAC, Chief Executive Officer Brian T. Moynihan said in a presenation to investors today. He didn’t specify the number of employees to be affected by job cuts.

“We can get out of things we don’t need to do, make the company leaner, more straightforward, more driven,” Moynihan said.

To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net