Bank of America cuts 3,000 jobs
26 Oct 2007
1
Mumbai: Bank of America
Corp, the second-largest US bank, is planning to cut 3,000 jobs and reorganise
its corporate and investment bank after a dismal quarter at that led to a 32 per
cent drop in overall profit.
Bank of America said a majority of the cuts will be in corporate and investment banking, and the rest elsewhere. The cuts amount to 1.5 per cent of the bank''s 198,000 workforce.
Bank
of America named Brian Moynihan, 48, as president of global corporate and investment
banking, replacing Gene Taylor, a 38-year veteran of the bank, who will retire
at year-end.
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