Bank of America said Monday that it plans to eliminate 30,000 jobs as part of a plan to save $5 billion.

The announcement came after Chief Executive Brian Moynihan outlined the bank's strategy at an investor conference in New York.

BofA has already disclosed plans to eliminate a total of 6,000 jobs this year. And it recently announced a management shakeup that effectively will split the bank into two units: one serving consumers and one serving commercial clients.

The bank said it expects a "significant portion" of the reduction in headcount to occur through attrition and the elimination of unfilled positions. BofA had a total of 287,000 employees as of June 30.

The move, part of an ongoing reorganization launched last year called the "Project New BAC," will play out over the next few years.

In the first phase of the plan, BofA said it expects to save $5 billion, or 18% of its projected $27 billion in overall costs, through 2014. The second phase will begin in October and run through 2012.

The cost reductions stem from changes BofA has made in its consumer and small banking business, credit card operations, home lending as well as global operations and certain support areas.

"We're a much simpler company than we were 24 months ago," Moynihan said.

Shares of BofA rose 1.3% in morning trading. The company's stock has taken a beating this year, tumbling about 48% from January.

Moynihan said the company will continue cutting costs as part of a plan to refocus on its core businesses, but he declined to provide details on future reductions
Comment: well i think that this is going to create to many families to go in bank rupt because of this, going to create an chain efect cousing it to go in to another bankrupt like the one of a year ago.