Bank Of America Plans To Cut About 30,000 Jobs
Bank of America is cutting 30,000 jobs over the next few years as part of a program to reduce costs.
The cuts represent about 10% of the company.
Bank of America wants to save about $ 5 billion (£ 3.2 billion) a year, because it slims down the bank was hit hard by the subprime mortgage crisis.
The cuts came the day that President Barack Obama has sent his bill $ 447bn job in Congress – its attempt to reduce levels of unemployment.
Bank of America calls the cost reduction program in New BAC project, code-named after its shares on the stock market.
It was also the sale of assets, last month it sold half its 10% stake in China Construction Bank.
After initially rising, then the bank fell almost disappointed by the lack of details available in terms of cost reduction.
Last week it was reported that Bank of America would cut 40,000 jobs and provide a detailed recovery plan.
The shares have lost about half their value this year as fears grow that it may have to issue more shares to meet the new capital of the world.
There was a brief recovery last month when it was announced that billionaire investor Warren Buffett invested 5 billion dollars in the bank, but the stock has fallen below the level before the investment was made.