Bank of America Cutting 16,000 Jobs by December
Bank of America.. the second largest bank in the U.S. is planning to cut 16-thousand jobs by the end of this year.
According to the Wall Street Journal, the bank is cutting jobs to reduce expenses amid declining revenue.
The workforce reduction would bring the bank's employee numbers down to 260-thousand.
With these cuts.. Bank of America will no longer be the largest employer in the U.S. banking sector as it would be smaller than Citigroup, Wells Fargo and JP-Morgan Chase.
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