Bank of America Corp. is cutting 3,500 jobs in the current quarter and working on a broader restructuring that could eliminate thousands of additional positions, people familiar with the situation told the Wall St Journal. The 3,500 positions are spread across the nation's largest bank by assets, including investment banking and trading, and the cuts are expected to be completed by the end of September. Some employees already have been notified.
Thousands of additional reductions are expected as part of an aggressive overhaul known as "Project New BAC," after the Charlotte, N.C., bank's ticker symbol. Execs at the bank still are discussing the possible…
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