BoA cuts 3,000 jobs

The redundancies are some of the 3,000 cuts taking place at the bank. Most losses will fall in global corporate and investment banking (GCIB), across capital markets and advisory services, treasury sevices, business lending, and supporting infrastructure.

The cuts follow the announcement of a large earnings dip in BoA’s GCIB business on October 18. Net income fell to $100 million, down 93% from $1.43 billion in the third quarter of 2006.

However, the dealer’s FX business experienced good gains

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