Bank of America Planning 2,000 Jobs Cuts From Investment Units

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Photo: Karen Bleier/2008 AFP

About 2,000 members of Bank of America's investment banking, commercial banking, and non-U.S. wealth-management units will soon be axed from the Charlotte, North Carolina–based banking giant. The downsizing is reportedly part of a three-year, 30,000-job shedding announced last year, but this round of cuts is different, according to The Wall Street Journal: "The reductions are significant because of whom they target: the high-earning employees whose efforts helped Merrill Lynch account for the bulk of Bank of America's profit since the financial crisis." Perhaps some employees will be shoved out the door just in time to scoff at the Occupy movement's May Day protesters.