Bank Of America To Cut Jobs


Wednesday, October 24th 2007, 9:59 pm
By: News On 6


CHARLOTTE, N.C. (AP) -- Already bleeding red, the nation's second-largest bank is now passing out pink slips.

Bank of America says it will eliminate 3,000 jobs, most of them from its investment banking unit.

Wednesday's announcement follows last week's report of a huge drop in earnings for the third quarter. Bank of America says its profit fell 32% in the quarter as trading losses and write-downs on a wide variety of loans offset solid revenue growth in most
businesses.

A statement says the Charlotte-based bank will also launch a strategic review of its investment banking business.