There are mix reactions about how city of Charlotte has been developing this year. The city has been getting mixed share of good and bad news and in one of the recent announcements that Bank of America made they said that they will be closing down the Charlotte Investment Center which will actually lead to job cut in the city. This is certainly not good news for all the people in Charlotte because many companies are now trying to cut cost and therefore they are laying of all the extra employees that can mean nothing to them.

The company said that they had to take such hard decisions and since they are closing down the Charlotte Investment Center more than 80 people will lose their jobs. Bank of America which is a Charlotte based bank said that this investment center would provide help to smaller clients with smaller investment portfolios normally with an asset of $250,000 but they have no option but to close it down. The Bank of America has still remained silent on the reason why they are closing down the investment center. The company did mentioned that they are taking this step to streamline the company’s workforce, but most of the people in the city are not really happy with the explanation that the Bank of America has provided. The company said that the investment center will close down in summer.

Many believe that Bank of America is working on cost cutting projects called Project New BAC where they will be trying to trim around $5 billion that will be made by cutting down more than 30,000 jobs in the future. So, far Bank of America has not mentioned about any further job cuts but many insiders and sources believe that more job cuts will be coming in the future.