Bank of America to cut at least 10,000 jobs

In an effort to recover following a fall in the housing market, Bank of America Corp is reportedly cutting 10,000 or more jobs. According to the New York Times, Bank of America is cutting 3,500 employees this quarter while preparing to cut thousands of more jobs in the coming year.

“I know it’s tough to have to manage through reductions,” said CEO Brian Moynihan. “But we owe it to our customers and our shareholders to remain competitive.” The cuts, all told, will ax nearly 3.5 percent of the bank’s work force.
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