Bank of America cutting 3,500 jobs this quarter

Source: Press TV
http://www.presstv.ir/usdetail/194684.html

Bank of America is cutting 3,500 jobs this quarter according to an internal memo, as the biggest U.S. bank grapples with its $1 trillion problem-loan portfolio and growing economic concerns.

The job cuts at Bank of America, expected to be completed by the end of September, are the latest in a series of lay-offs across the global finance industry.

Executives at the bank are still discussing the possible range of cuts, but one person familiar with the situation said at least 10,000 jobs are likely to be eliminated as part of a wider review, the Wall Street Journal said in a report.

Bank of America had around 280,000 employees at the start of 2011, according to its annual report. Chicago Tribune

FACTS & FIGURES

Somewhere between 15 and 27 million people, depending on how you figure it, remain unemployed. ABC

The official jobless rate in the United States is over 9 percent. Econpost

In fact, when unemployment is measured according to the formula that was used when President Bill Clinton took office, it is actually around 20%. Free Republic

Companies slashed 8.5 million jobs during the worst recession since the Great Depression. Washington Post