Bank of America logo. (Creative Commons)

Shedding its workforce by nearly 10 percent will make the company "leaner, more straightforward, more driven," said chief executive officer Brian Moynihan.

The bank has lost money during the recession because consumers have been unable to make their mortgage payments or pay credit bills, saddling the company with debt.

Even strong companies have been downsizing in the post-2008 economy as they realize they can maintain productivity levels with fewer workers. Bank of America, however, hopes to not only become more productive, but also lessen its reliance on money-losing ventures.

Both motivators for hiring fewer people are challenges to Obama's push for companies to expand job opportunities because even taking advantage of tax credits he is proposing might not be enough to lower overall worker costs.

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