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Bank of America Layoffs Begin

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Layoffs have begun to hit Bank of America. On yesterday's earnings call, Bank of America's chief financial officer said that the bank is planning layoffs in its corporate and investment-banking unit. Now we are hearing reports from a variety of sources that the layoffs are underway.
Last week, Bank of America announced it would cut 650 new job reductions. The bank has been conducting a strategic review and reportedly concluded that it should largely exit the investment banking business. The banks has announced 3,650 layoffs since October but more are expected.
On yesterday's call, CFO Joe Price said units that have been particularly hard hit by the credit crunch would see further layoffs. The capital markets and advisory group was named specifically.
"The headcount reductions will include the 650 front-office associates we announced last week, and there will be infrastructure reductions to come as well," Price said.
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