1. Layoffs

    Bank of America Plans Big Cuts

    PASADENA, CA - JULY 28:  A man uses an ATM at a Bank of America branch on July 28, 2009 in Pasadena, California. A bank spokesperson announced plans to close about 10 percent of its branchesf which will reduce its US network of 6,109-branches over the next three to five years, eliminating thousands of bank jobs, as customers do more online and telephone banking. The move reverses years of expansion by the nationÕs largest bank which faces growing losses from credit card and mortgage loans.  (Photo by David McNew/Getty Images)

    David McNew / Getty Images

    Not even Bank of America is safe from the grim economic news. According to an internal memo obtained by the New York Times, the bank plans to cut at least 3,500 jobs, or just over 1 percent of its work force, in the coming months, and those cuts are only the beginning. At the end of next month, the company plans to announce a larger reorganization that could end up cutting a total of 10,000 jobs, or about 3.5 percent of its work force. Bank of America's stock is down more than 50 percent since January, and it cut about 2,500 jobs in the first half of the year.

    Read it at The New York Times