Bank of America cuts 3,000 jobs; I-bank chief exits

Bank of America Corp on Wednesday said it planned to eliminate 3,000 jobs, and shook up its corporate and investment bank after a dismal quarter at that unit led to a 32 percent drop in overall profit.

The second-largest U.S. bank said a majority of the cuts will be in corporate and investment banking, and the rest elsewhere. The cuts amount to 1.5 percent of the bank's 198,000-person workforce.

As part of the changes, Bank of America named Brian Moynihan, 48, as president of global corporate and investment banking, replacing Gene Taylor, a 38-year veteran of the bank, who will retire at year end.

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- Posted: 2007-10-25 09:43:26

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