Bank of America announces plans to cut 3,000 jobs
Bank of America Corp said it will cut 3,000 jobs, an announcement that came less than a week after the United States' second-largest bank reported a huge drop in earnings for the third quarter.
By Agencies |
CHARLOTTE: Bank of America Corp said it will cut 3,000 jobs, an announcement that came less than a week after the United States' second-largest bank reported a huge drop in earnings for the third quarter.
The cuts will affect less than 2 per cent of the company's staff. Most will be from Bank of America's investment banking unit, the company said yesterday.
Last week, Bank of America said its profit fell 32 per cent in the third quarter as trading losses and write-downs on a wide variety of loans offset solid revenue growth in most businesses.
Net income declined to $ 3.7 billion, from $ 5.42 billion, or $ 1.18 per share, a year ago, and revenue fell 12 per cent to $ 16.3 billion.
The bank also said it is launching a strategic review of its investment banking business.
Gene Taylor, head of Global Corporate and Investment Banking, will retire at the end of this year and be replaced by Brian Moynihan, who ran the company's Global Wealth and Investment Management business.
The cuts will affect less than 2 per cent of the company's staff. Most will be from Bank of America's investment banking unit, the company said yesterday.
Last week, Bank of America said its profit fell 32 per cent in the third quarter as trading losses and write-downs on a wide variety of loans offset solid revenue growth in most businesses.
Net income declined to $ 3.7 billion, from $ 5.42 billion, or $ 1.18 per share, a year ago, and revenue fell 12 per cent to $ 16.3 billion.
The bank also said it is launching a strategic review of its investment banking business.
Gene Taylor, head of Global Corporate and Investment Banking, will retire at the end of this year and be replaced by Brian Moynihan, who ran the company's Global Wealth and Investment Management business.
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