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Bank of America will let go of 3,000 workers
By Times Wires
Published October 25, 2007
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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by Trish
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10/25/07 03:26 PM
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Boy! I really love bank of america...so sorry to hear about there recent turn of events,but us loyal customers will continually be by their side, there... lets see if this makes it to post!! because nothing else I say ever does!!
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by Hoshi
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10/25/07 12:04 PM
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Does anyone else feel the pain that we Americans are feeling with this economy of Mexico - I am an American citizen who is one paycheck away from the new tent city in St. Pete. If I go to Mexico and come over the border, will you help me???
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by Mike
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10/25/07 11:49 AM
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They could eliminate just one job (the CEO position) and accomplish the same as eliminating 3000 worker who really need their incomes. THE GREAT AMERICAN WAY!!
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by Jason A.
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10/25/07 08:21 AM
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hopefully this drop in their bottom line is due to their approach on letting illegal aliens getting accounts while denying them to American Citizens. I know about 2 dozen businesses and persons that pulled their accounts from Bank of 'Mexico'.
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by Tom Berlinger
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10/25/07 07:38 AM
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I don't want to see anybody lost their jobs, but if Bank of America has to cut jobs, I hope the first ones to get the axe are the ones that keep sending me those unsolicited mailings for credit cards.
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