Bank Of America Cuts 3,000 Jobs After Poor Third Quarter

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.