Actually, we don't know several dozen employees in  the bank's global markets unit in Asia are going to be fired, only that these cuts are not part of Project New BAC (the company's plan to save $8 billion by laying off 40,000), so "just for fun" is one possibility. Bank of America plans to cut about 40 jobs at its global markets unit in Asia, a person with knowledge of the matter said. The reductions aren’t part of the Project New BAC program announced last year to pare expenses, according to the person, who asked not to be identified because the matter is confidential and declined to provide additional details. Shirley Wong, a Hong Kong-based spokeswoman for the Charlotte, North Carolina-based bank, declined to comment. [Bloomberg]

Just something to keep in mind. A former Countrywide Financial Corp. manager whose fraud suit contributed to the mortgage industry’s $25 billion settlement with federal and state regulators received about $14.5 million for his efforts, his lawyers said. Kyle Lagow, an appraisal manager for Countrywide from 2004 to 2008, claimed that Countrywide inflated the value of homes to support bigger loans, according to a statement today from Seattle-based law firm Hagens Berman. Charlotte, North Carolina- based Bank of America bought Countrywide in 2008 to save it from collapse as defaults on home loans soared. Lagow’s information helped prompt a $1 billion settlement of Federal Housing Administration claims announced by Bank of America in February, according to the law firm. The sum was included in the nationwide settlement reached that month. [Bloomberg]