Bank of America cutting 3000 jobs

Bank of America Corp. has announced their decision to cut as many as 3000 jobs from their organization.

This announcement comes just as they posted a huge drop in earnings for the third quarter.

The banking company said that this decision would only affect less than 2 percent of the company’s staff.

Bank of America added that most of the job cuts would come at their Global Corporate and Investment Banking unit.

The company further stated that Gene Taylor, head of Global Corporate and Investment Banking is now scheduled to retire at the end of this year.

Bank of America Chief Executive Kenneth D. Lewis had this to say on these job cut announcement: “While some of these changes are a direct result of our underperformance, others have been contemplated for a number of months as we looked at how we could operate more effectively. We must have a platform that operates profitably for both our company and our clients.”

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