Bank of American eliminating American Jobs with data center closings, severance to cost $425M

B of A data center closings, severance to cost $425M in 2Q

Bank of America will record a $300 million charge in the second quarter to cover the elimination of three data centers, and it will also book $125 million in severance costs tied to broader cost-cutting efforts, Chairman and CEO Brian Moynihan said Wednesday.

The Charlotte, N.C., company will sell or close the three data centers, Moynihan said at the Sanford C. Bernstein & Co. Strategic Decisions Conference. B of A disclosed its plans for those data centers during an April 18 conference call but had not announced the size of the charge until Wednesday.