c.e.o. brian moynihan was tapped to do as 2009 came to a close. at that time, the bank was taking heat for its handling of the financial crisis and its acquisitions of one-time mortgage giant countrywide financial and legendary investment banking house merrill lynch. the countrywide buy-out continues to haunt b. of a. it was sued last week by a federal housing regulator over losses on $32 billion in securities backed by soured mortgages. the majority of those mortgages came from countrywide. moynihan's latest management shuffle and restructuring effort is dubbed "new b.a.c." gone are star wealth manager sallie krawcheck from the merrill division, also out, head of consumer banking and small business banking joe price. independent banking analyst ken thomas says one risk of the changes is they may create a new crisis of confidence in management. >> i'm afraid there could be a potential brain drain at bank of mesh where they could lose some key employees to these aggressive competitors. that's the issue we have to face head on right now. if they sta

c.e.o. brian moynihan said today that he's trying to reshape the nation's largest bank after a series of missteps. the restructuring plan is called "project new b.a.c." it will slash 30,000 jobs from its consumer banking businesses. the goal is save $5 billion a year by the end of 2013. >> tom: is this the right medicine for ailing b. of a.? and what will it mean for the bank's competitors? erika miller reports >> reporter: whether it's the number of kids in a classroom or the amount of calories in a meal, bigger is not always better. bank of america believes the same rule applies to banking. the firm plans to trim operations in order to become more focused and more efficient. it's a smart strategy, says analyst moshe orenbuch, whose firm does business with bank of america. >> absolutely! it is! what they are trying to do is get out of things that aren't integral to what they are about. this is not about, you know, cutting a third of their branches. it's about cutting out activities that aren't adding to what is bank of america. >> reporter: though the shares rose a bit today, they have still los