Bank of America Cutting Thousands of Jobs
By: Newsroom Solutions
Updated: August 19, 2011
Pink slips will be flying at Bank of America this quarter with the elimination of 35-hundred people.
The cuts are expected to be completed by the end of next month.
In addition, a person with knowledge of the situation says an extensive restructuring could bring the total number of job cuts to at least 10-thousand.
That would amount to three-and-a-half-percent of the Charlotte, North Carolina-based bank's work force.
Chief executive Brian Moynihan seeks to build up profits while facing worries about the bank's exposure to the sluggish economy and mortgage-related losses and lawsuits.
The cuts are expected to be completed by the end of next month.
In addition, a person with knowledge of the situation says an extensive restructuring could bring the total number of job cuts to at least 10-thousand.
That would amount to three-and-a-half-percent of the Charlotte, North Carolina-based bank's work force.
Chief executive Brian Moynihan seeks to build up profits while facing worries about the bank's exposure to the sluggish economy and mortgage-related losses and lawsuits.
