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  • Bank of America Corp. (NYSE:BAC) to Cut Workforce by 30000

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    Tuesday Sept. 13, 2011 at 02:34 pm EST

     
    Bank of America Corp. (NYSE:BAC) to Cut Workforce by 30000
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    Bank of America Corp. (NYSE:BAC)is cutting 30,000 jobs in the coming years as it looks to slash annual expenses by $5 billion, but investors were disappointed in the scant new detail the bank provided about its plans.

    CEO Brian Moynihan said that Bank of America Corp. (NYSE:BAC) is focusing for now on cutting costs in consumer banking and is taking steps like combining data centers to reach its target. Many of the job cuts will come from attrition and eliminating positions that are open now



    Shares of Bank of America are currently trading at $7.06, almost unchanged from yesterday's close. Major Resistance levels for Bank of America Corp. (NYSE:BAC) above current price are at $7.46, $8.23, $9.58, $10.39, $11.16 and $11.84. Major support level for Bank of America Corp.(NYSE:BAC) below current price is at $6.38.
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