Bank of America axes 3,500 jobs
19 Aug 2011
Bank of America (BoA) today said that it is cutting 3,500 jobs, over and above the 2,500 that have already been slashed this year.
The Charlotte, North Carolina-based bank said that the 3,500 job cuts, which will take place in the third quarter, will be spread through BoA's business, including investment banking and trading.
The latest job cuts are less than 1 per cent of BoA's workforce of 287,000 employees as of 30 June.
The job cuts are part of CEO Brian Moynihan's plans to lift BoA from the housing bubble mess. The bank's share price has fallen nearly 50 per cent this year.
The cut follows BoA's announcements earlier this month that it will sell its $8.6 billion credit card business in Canada to TD Bank Group, and exit its credit card businesses in the UK and Ireland.
The bank is also selling its card business in Spain to Apollo Capital Management Inc after recently selling its UK business lending portfolio.
Earlier this month, American International Group sued BoA for billions of dollars over alleged mortgage securities fraud.
