Bank of America Cutting Up to 10,000 Jobs This Year

With its stock down 50% since January, the biggest bank in America plans to eliminate at least 3,500 jobs before 2012. But if the economy continues to sputter, the final number might be three times greater...

Bank of America will eliminate 3,500 jobs in the months leading up to Christmas as the company is looking to cut costs and restructure, The Wall Street Journal reports. Some employees have already been notified, but the bulk of the layoffs are pending. The layoffs are spread across different departments, "including investment banking and trading, and the cuts are expected to be completed by the end of September." Chief executive Brian T. Moynihan said he wants to cut quarterly costs by $1.5 billion. The New York Times obtained a memo from Moynihan to the company's senior leadership sent out Thursday afternoon that outlined his plans for the cuts: "I know it is tough to have to manage through reductions. But we owe it to our customers and our shareholders to remain competitive, efficient and manage our expenses carefully."

The total number of job cuts could top 10,000...

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