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Bank of America will let go of 3,000 workers

By Times Wires
Published October 25, 2007


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CHARLOTTE, N.C.

Bank of America Corp. said Wednesday it will eliminate 3,000 jobs, an announcement that came less than a week after the nation's second-largest bank reported a huge drop in earnings for the third quarter. The cuts will affect less than 2 percent of the company's staff. Most of them will be from Bank of America's investment banking unit, the company said. The bank also said Wednesday that it is launching a 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. Bank of America said last week that its profit fell 32 percent in the third quarter as trading losses and write-downs on a variety of loans offset solid revenue growth in most businesses.


[Last modified October 25, 2007, 06:35:25]


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