SAN FRANCISCO — BankAmerica Corp., which earlier this week reported a staggering second-quarter loss of $640 million, has asked its managers to cut office expenses by 10% during the second half of 1986.
The reduction, which could save the troubled banking concern about $60 million, involves such spending categories as travel, advertising, supplies and other corporate overhead. It doesn't include personnel expenditures that, as previously reported, will also be cut as BankAmerica eliminates between 3,900 and 4,000 positions during the second half of the year.
BankAmerica currently employs about 76,750 people, having shed 1,200 employees this year, 5,500 last year and 2,500 in 1984. The reductions have been achieved through a combination of layoffs, attrition and the sale of subsidiaries.
Although no targets have been set, further substantial reductions are expected next year, a spokesman said. "Going forward, our mode is to reduce staff."