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U.S. markets recover from steep losses
CHARLOTTE, N.C., Jan. 16 (UPI) -- Bank of America Corp. Wednesday announced plans to eliminate 650 more positions, adding to the 3,000 jobs lost last year.
Last October, the bank, headquartered in Charlotte, N.C., cut 2 percent of its workforce after a 32 percent decrease in third-quarter share earnings, Bizjournals.com reported. Earnings were 82 cents per share during the third quarter last year, the report said.
Profits in global corporate and investment banking had been $1.42 billion in the third quarter of 2006, but fell 93 percent to $100 million during the same quarter last year.
A sixth of the jobs targeted for elimination were in the global corporate and investment divisions, the bank said.
Ken Lewis, Bank of America's chief executive, said restructuring will create a more competitive bank in global markets and global investment banking. The bank also plans to sell its equity prime-brokerage business, the division that handles the bank's processing of hedge funds.
More changes may be announced when the company reveals its fourth quarter and end-of year 2007 financial results Tuesday.
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