Bank of America to cut 3,000 jobs, review investment bank

[UpInArms]

Source: CBSMarketwatch

SAN FRANCISCO (MarketWatch) -- Bank of America (BAC) said late Wednesday that it is cutting roughly 3,000 jobs and launching a strategic review of its investment banking business after recent poor performance from the unit. 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. Most of the job cuts will be from Bank of America's investment banking unit, it said. Those reductions represent less than 2% of the company's staff.

Read more: http://www.marketwatch.com/news/story/bank-america-cut-3000-jobs/story.aspx?guid=%7BDD24F759%2D5D96%2D4E2D%2D8F96%2D9E48FE500015%7D&dist=TQP_Mod_mktwN

[jillan]

1. omg - I just retired from there.

That just really sucks for alot of great people that I have met over the years :(

[SpiralHawk]

2. republicon economics in action

Clueless greed-grubbing corrupt republicons have screwed America's economic pooch.

Ze pooch-screwer in chief:

[OhioChick]

3. More Jobs Down the Shitter.....

K&R
:kick:

[truthisfreedom]

4. More good news, courtesy of bushco! US Treasury emptied into cronies' pockets, economy tanking,

housing bubble in meltdown crisis, Iraq invasion has no end in sight, non-stop resignations at the highest levels of the administration, endless investigations... it's the bushco hit parade!

[Speciesamused]

5. They can join the rest of us unemployed thousands.

I am one of the many people in this country
who has lost there job because of cutbacks. 10 years at the same company.
It is really bad out here. It just keeps getting worse.
I here about people losing their job on a weekly basis.
Unfortunately the people with the money are in charge
and could give a rats ass about the other 99.9% of us.
Including the newly elected lame ass congress. NAFTA needs to go and
we need to stop companies from outsourcing. What ever
happened to Made In America with Pride??? In Dire circumstances we are.

[celestia671]

8. Outsourcing has killed our job market

Whenever I call my cable, phone, or credit card company, I talk to people in India, El Salvador, Panama, etc. All of these huge companies make me sick! They already make billions every year, but can't hire Americans to work for them.

[Virginian]

6. So that work will be outsourced?

Gee, I wonder where.

[bobthedrummer]

7. Destabilization program well underway-from within and without--target US

that's my .02, there hasn't been any reality about what is called US M3 since the end of 2004-it's long gone