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Bank Of America To Cut More Than 3,500 Jobs

August 19, 2011 12:19 PM
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LOS ANGELES (CBS) — The nation’s biggest bank, which was founded here in California more than 100 years ago, is planning to cut 3,500 jobs by the end of the month.

Bank of America has announced plans to cut more than one percent of its workforce.

The move comes on the heels of 2,500 layoffs that were announced earlier this year.

Analysts say the entire banking industry is shrinking because of the fallout from the financial crisis, as well as newly imposed regulations.

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  • hmm

    Bank of America laying off more employees, nothing new here.

  • Coporate America

    And those salaries will go right into the bonus checks of the executives. Let’s see:
    1) B of A got bailout money.
    2) After the bailout money, they decided to sit on it and not give out loans to medium and small businesses that spur job growth.
    3) Now, they’re cutting jobs.

    Crooks.

    • TJ

      If by “bailout money” you mean TARP, you should know that all of that money has been repaid for years, with interest!

      And if by “give out loans” you mean make poor lending decisions to risky small businesses and incur more bad debt, then it’s probably best that they didn’t do that. Do you know the failure rate of small business?

      Finally, if it makes financial sense to reduce your workforce to insure being fiscally sound, how does that make them “crooks”? it just sounds responsible to me.

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