Bank of America Confirms 30,000 Layoffs

Bank of America, trying to break free from a pile of bad mortgages and a sagging stock price, announced plans to lay off 30,000 employees over the next few years. In a statement Monday, the bank said its goal is "not a given number of job reductions," but to focus "all of its resources on serving individuals, companies, and institutional investors." The Charlotte, N.C.-based bank, the largest in the U.S. by deposits, said it will cut $5 billion in costs. "As the decisions are implemented,...Full Story