Bank of America has become the latest bank to slash jobs because of poor results brought on by the unrest in global credit markets.
The nation's second-largest bank said yesterday it's cutting 3,000 positions in its investment banking unit. That comes a day after Charlotte banking rival Wachovia started eliminating several hundred positions for the same reasons.
Bank of America's announcement came less than a week after it
reported a 32 percent drop in third-quarter earnings. the bank says
trading losses and write-downs on a wide variety of loans offset
solid revenue growth in most businesses.
The cuts will affect less than 2 percent of the company's staff. Most of them will be from Bank of America's Global Corporate and
Investment Banking unit.