19 Aug '11, 6am

Bank of America to cut 3,500 jobs

Bank of America to cut 3,500 jobs

NEW YORK: Bank of America will cut 3,500 jobs this quarter as part of a wider restructuring that could lead to the loss of thousands more jobs, the Wall Street Journal reported on Friday. The 3,500 jobs to be slashed will come from all sections of the country's biggest bank by assets, and are to be eliminated by the end of September, the newspaper reported, citing unnamed sources familiar with the situation. Some of the employees to be laid off have already been told, it said. Thousands of additional job cuts could come as part of the major restructuring known as "Project New BAC," referring to the ticker symbol of the Charlotte, North Carolina-based bank. The number of cuts is still under discussion, but one source told the Journal that at least 10,000 jobs, or 3.5 per cent,m of the bank's work force, could be eliminated. A final decision is expected early next month. Las...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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