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News Link • Economy - Economics USA

BofA speeds up plans to cut 16,000 jobs

• Reuters

Bank of America Corp is speeding up planned job cuts as revenue continues to decline amid new regulations and a tepid economy, the Wall Street Journal reported.

The second-largest U.S. bank intends to slash 16,000 jobs by year-end, putting it a year ahead of a plan to eliminate 30,000 under a cost-cutting program called Project New BAC, the newspaper said, citing a document given to top management.

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