Bank of America cuts 650 jobs

16 January 2008


While Australia is enjoying an economic boom with a tight labour market, things aren't so good in America where the biggest bank in the land has announced they will be cutting more than 600 bank jobs.

The U.S banking giant said it was selling a brokerage division and cutting 650 jobs from its global investment banking and markets operations as a result of last October's strategic review.

Bank of America's chief executive officer Kenneth Lewis said, "These changes will sharpen the focus of our capabilities,''


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