Bank of America's Cost-Cutting Plans a Reflection of Banking Industry's Woes

It may not be a happy holiday holiday season for thousands of Bank of America employees. The bank could be cutting 16,000 jobs by the end of December, accelerating the 30,000 layoffs it had previously said would take a "few years." The Wall Street Journal reported a document provided to top management that described the details of the 16,000 job cuts, which would leave 260,000 in the remaining headcount, the lowest number since 2008. After closing 178 bank branches last year, the bank is...Full Story
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