Bank of America CEO Warns of Layoffs

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In a memo released yesterday, Brian T. Moynihan (who has seen the value of his bank's stock decline 47 percent this year) told employees to expect 3,500 job cuts this quarter. And that could just be the beginning: Some sources claim the nation's biggest lender plans to eventually eliminate another 10,000 positions, ultimately shrinking its staff by 3.5 percent. [Bloomberg]