Bank of America Slashing Thousands of Jobs

Bank of America plans to cut as many as 10,000 jobs, the Wall Street Journal reported. The bank is planning a minimum of 3,500 cuts in what CEO Brian Moynihan says is a “competitive” move, to “manage our expenses carefully.” According to MSNBC, BofA shares are down 47 percent this year—28 percent in August alone—in part because of the see-sawing stock market. Earlier this month, mega bank HSBC announced plans to cut around 30,000 jobs worldwide by 2013. Bank of America, a company slightly shy of 300,000 employees, already cut 2,500 jobs earlier this year, The New York Times reports.

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