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News Link • Economy - Economics USA

40,000: Bank Of America Layoff Plans Now Just Getting Ridiculous

Jaws were dropped when reports emerged last week that Bank of America could lay off up to 30,000 workers, or about 10% of its workforce in a desperate bid to cut costs, and convince investors that it has the means to muddle through. Well, it's probably going to be worse than that. According to WSJ, the layoffs may actually hit 40,000. Nothing is certain, but on Monday Moynihan will be presenting at the Barclays Capital 2011 Global Financial Services Conference in New York. Whether he unveils anything specific there or not, this presentation will obviously be closely watched.

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