Bank of America is accelerating a broad
cost-cutting plan and has set a target of shedding 16,000 jobs by year's
end—cuts that would see the company relinquish its title as U.S. banking's
largest employer, according to a WSJ report..
The reductions for the final six months of the year,
outlined in a document given to top management, are part of a larger effort to
retool Bank of America into a leaner and more focused enterprise. The plan is
designed to make the company take less risk, generate more revenue out of existing
customers and use an investment banking operation inherited from Merrill Lynch
& Co. to become a major deal maker around the world…..…
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