Bank of America puts brokerage up for sale, cuts jobs

WASHINGTON: Bank of America said on Tuesday it had put a brokerage division up for sale and that it was cutting 650 jobs from its global investment banking and markets operations.

The banking giant said its moves reflected market conditions and were the result of a strategic review announced in October. "These changes will sharpen the focus of our capabilities," Bank of America's chief executive officer Kenneth Lewis said.

Like its rivals, Bank of America has suffered from mortgage-related investment losses amid a lingering housing slump, and a wide-ranging credit crunch.

Bank of America has stronger finances than some of its peers, however, and announced Friday it was buying Countrywide Financial, the nation's biggest mortgage lender, in a four-billion-dollar deal.