Bank of America layoffs reported
Bank of America is making more changes although some may be lost in the news about BofA’s acquisition of Countrywide. Let us not overlook job losses as the bank said on Tuesday it would eliminate 650 corporate and investment banking jobs and sell its equity prime brokerage business. Bank of America will cut back operations in structured products such as mortgage and asset-backed securities and collateralized debt obligations. That’s probably a good idea since very few trust the investments completely.
Bank of America also plans to cut some non-U.S. businesses while retaining a focus on debt, cash management, and trading of rates and foreign exchange. The big question is whether or not the bank will cut 10 percent of Countrywide jobs as soon as the deal closes.