Bank of America Plans Big Cuts

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.