Reports are suggesting that Bank of America is cutting 3,500 jobs in this quarter and considering of removing a few thousands of additional positions in current financial year. That means many more people are going to lose their job from Bank of America. The number could rise up to 10,000 as per some market analysts.
For the last few months we have seen lots of major banks around the globe have announced over 50,000 job cuts in the current fiscal year. Recently HSBC and Lloyds Banking Group announced massive job cuts. Banks are blaming the unstable global economic market which leads them to take this harsh step. Market indicates that much more such kind of announcements will come from more banks in coming days.
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